|
GGHDC
Services
Site
Selection:
GGHDC works closely with various government agencies and the local
brokerage community to keep informed of the real estate market.
As a result, GGHDC often has first hand knowledge of the available
properties as well as future development plans and opportunities.
In determining the optimal site for new developments, GGHDC utilizes
resources to identify sites located within areas targeted for
future development to maximize positive impact.
Acquisition:
GGHDC has worked with the local brokerage community to successfully
negotiate the purchase of numerous parcels in the area.
Given our knowledge of the market, GGHDC is able to determine
realistic property values. In addition, GGHDC works closely
with the City of Philadelphia through the Redevelopment Authority
to assist us with obtaining site control. GGHDC has successfully
used such City programs as the donor taker program, condemnation
and real estate tax foreclosure. Although sometimes lengthy
in process, these programs can significantly decrease the high
costs of site acquisition.
Building
Design: Whether it is the
reuse of an historic building or new construction, GGHDC has
extensive experience in working with architects and engineers
to design building structures that meet the needs of the end
users. Given the historical nature of Germantown, GGHDC
works with architects who are sensitive to working in culturally
rich neighborhoods to ensure that building designs are integrated
into the existing physical infrastructure. Over the years
GGHDC has developed a good relationship with the Philadelphia
Historical Commission, the Philadelphia Preservation Alliance
and the Philadelphia City Planning Commission to ensure timely
approvals are obtained. GGHDC's in-house development staff
possess the required visionary skills to determine optimal uses
for areas which have historically suffered from urban blight.
Community
Involvement: Real
Estate development in any neighborhood requires the full support
of the local residents. GGHDC through its affiliation
with Wister Neighborhood Council, the Southwest Germantown Neighborhood
Partnership and other local community groups has inside knowledge
of the community's needs and concerns when it comes to real
estate development. Through affiliation with Wister Neighborhood
Council, GGHDC is able to assist in organizing the local
community. As a vehicle in place to solicit the community'
s involvement, GGHDC can obtain support of new real estate developments.
As a result, identifying potential community issues before they
materialize into costly time delays.
Structuring:
Given the current high cost associated with real estate construction,
creative structuring of new real estate developments is often
a necessity. GGHDC has experience in creative programs
such as utilizing Historic or Low Income Housing Tax Credits
to offset high development costs. GGHDC has also structured
joint venture partnerships.
Financing:
GGHDC has relationships with several local financial institutions
of which consists an extensive partnership with Mellon/PSFS.
GGHDC also maintains strong relationships with CoreStates Bank,
PNC Bank, and Chestnut Hill National Bank. As a result
of the Community Development Corporation status as well as the
targeted neighborhood in which GGHDC is located, it is able
to obtain financing at flexible terms. GGHDC works closely
with Delaware Community Reinvestment Fund and the Local Initiatives
Support Corporation to obtain below market financing.
These intuitions also provide GGHDC with an array of pre-development
grants as well as favorable financing. GGHDC has a very
strong relationship with the Office of Housing and Community
Development and the Redevelopment Authority for the City of
Philadelphia from which numerous grants have been received to
develop housing opportunities in Germantown. In addition,
GGHDC has successfully obtained market rate and below market
rate financing from the Pennsylvania Housing Finance Agency
and has also successfully obtained Section 202 funding through
the U.S. Department of Housing and Urban Development.
Property
Management and Building Maintenance:
GGHDC has a full service property management division which
includes management, administration and maintenance staff.
The property management personnel are capable of all aspects
of managing real estate from leasing to maintenance to eviction.
GGHDC's finance department tracks the financial performance
of each property. Currently, it manages a portfolio of
465 residential units and 175,000 square feet of retail and
office space, including a Charter School. The maintenance
staff ensures that GGHDC keeps its portfolio of real estate
properties clean of debris and graffiti and mangers are always
available to address tenants' concerns.
|
