Bellwether District Industrial, Life Science & Innovation Project
The latest Bellwether District project by CanAm
The 1,300-acre site of the former PES oil refinery in Philadelphia is being converted into a mixed-use industrial park, which will include a world-class multimodal logistics hub and a modern life science and innovation campus called the “Bellwether District”.
The project developer, Hilco Redevelopment Partners (HRP), purchased this site in June 2020 and has since invested a significant amount of capital to complete the site demolition and environmental remediation – including the removal of 99% of the remaining oil. With the site clearance nearly complete and remediation ahead of schedule, the project is now ready to move into the second phase of development.
The Logistics Hub is located next to the Port of Philadelphia, the Naval Shipyard, Philadelphia International Airport, freight rail lines, and the I-76 and I-95 federal highways. The Life Science Campus will be ideally located next to University City, Philadelphia’s research and innovation center with four colleges, including the University of Pennsylvania.
The Bellwether District project will be completed in phases. Once completed, it will lead in sustainability, innovation, and economic growth for the entire city.
The location of the Bellwether District project in Philadelphia, PA
- Is The U.S. capital city before Washington DC; the sixth-largest city in the U.S.
- Two hours drive north to New York City; Three hours drive south to Washington DC.
- Three million potential workers live within a 30-minute drive.
- The life science center is ranked 5th in the U.S. and is home to 5 companies on the Fortune 500 list.
- The Port of Philadelphia is the fastest-growing port in the U.S. Two modern Class I railroads, Norfolk Southern and CSX, connect directly to the Port of Philadelphia.
- Philadelphia International Airport is the busiest in the country; it is in the process of investing $1.8 billion to expand cargo traffic capacity.
- Philadelphia is ranked 7th among the top 10 industrial real estate markets in 2023
- Since the beginning of 2023, Philadelphia has been leading the U.S. Mid-Atlantic region in industrial performance index, surpassing New York, North New Jersey, Washington DC, and Boston.
PROJECT STRENGTHS
EB-5 INVESTMENT
- Loan value: $100 million USD
- Minimum investment: $800,000 USD
- Number of Investors: 125
- Loan term: 5 years and the right to extend for 1 more year
- Expected number of jobs: 2,970
Project images
The development and construction of the EB-5 Bellwether Project’s Excavation/Infrastructure Phase began in May 2023 and most of the work will be completed by the end of 2026.
The development and construction of the Vertical Construction Phase 15/16 is expected to begin in Q4 2023 and be completed in Q1 2025.
Investor
CanAm Regional Center
- Established in 1987
- Leading settlement investment company specializing in the EB-5 program.
- Headquartered in Manhattan, New York with offices in Beijing, Shanghai, Ho Chi Minh City, Mumbai, and Singapore
- Experienced team of experts providing project development services, transaction supervision, legal services, and FINRA licensed advisory team
Project financing partners
Hilco Redevelopment PARTNERS (HRP), a leading integrated real estate company specializing in the redevelopment of large-scale mixed-use areas, is focusing on redeveloping the area with a total capital of $1.2 billion in the short term, including the construction of the first 1.1 million square feet for industrial buildings. HRP purchased the land in June 2020 and to date, has invested $570 million to buy back, demolish, and improve the environment – including the removal of 99% of residual oil. HRP has successfully converted similar industrial areas into new commercial centers in Boston, New Jersey, Chicago, and Baltimore.
• 40 million square feet of real estate purchased
• $2.5 billion in asset value under management
• 24 million square feet is the area purchased, developed, or planned in the investment portfolio
Caisse de dépôt et placement du Québec (CDPQ)
Caisse de dépôt et placement du Québec is an investment organization managing a number of insurance and pension programs for public and semi-public entities in Quebec, Canada. CDPQ was established in 1965 by an Act of Parliament. CDPQ is the second-largest pension fund in Canada with assets under management of $292 billion as of 2023.
Edge Principal Advisors (Edge)
Edge is an opportunity and value-added real estate company, investing in both operating partnerships and directly. On average, the company’s senior leadership team has 20 years of industry relationships to drive transactions. Since its establishment in 2008, Edge has invested more than $1.7 billion in equity capital into various assets across the U.S.
