South Philly Growth Attracts Hundreds of New Jobs

By Veronica Grecu, Associate Editor City officials announced this week that Philly Live!—Philadelphia’s destination retail, dining and entertainment district located on the former site of the Spectrum arena—is expected to create over 500 construction jobs during the first phase of the [...]

Photo Courtesy of Comcast-Spectacor and The Cordish Company

City officials announced this week that Philly Live!—Philadelphia’s destination retail, dining and entertainment district located on the former site of the Spectrum arena—is expected to create over 500 construction jobs during the first phase of the development which is scheduled to open in the spring. According to the Philadelphia Inquirer, the project was initiated three years ago as a privately funded joint venture between sports management giant Comcast-Spectacor and Baltimore-based developer Cordish Company.

Phase one of Philly Live!, which broke ground in April, is expected to generate $60 million that would have a great financial impact on the South Philly neighborhood. Up to 30 percent of the project’s construction contracts will be provided to minority business enterprises and 50 percent of the construction workforce will include local residents, informs the Philadelphia Business Journal. This stage includes an entertainment and dining facility constructed in the stadium complex next to the recently built Wells FargoCenter, the Lincoln Financial Field and the Citizens Bank Park.

Another 150 jobs will be created by Iroko Pharmaceuticals once the company expands its operations at the Philadelphia Navy Yard Corporate Center, reports the Journal. Liberty Property Trust and Synterra Partners, two Philadelphia-based developers, broke ground this week on a new, 56,000-square-foot headquarters building that Iroko, which reportedly is running out of space, has agreed to lease prior to site work commencing. When completed, in the fourth quarter of 2012, the four-story facility will be the seventh sustainable building developed by Liberty and Synterra within the navy Yard.