PHILADELPHIA, Aug. 8, 2011 – State Sen. Vincent J. Hughes (D-Philadelphia/Montgomery) today visited the Water Works warehouse conversion office project, located at 3 Rector Street in the Manayunk section of Philadelphia.
“I wanted to be on hand today to personally applaud developers Alon Barzilay and David Waxman for their successful restoration of a historic landmark,” said Hughes. “It is this type of investment that continues to help our city grow and shows the importance of community and economic development.”
Barzilay and Waxman, despite a challenging economic climate, were able to convert a nearly 10,000 square foot historic mill building into a state-of-the-art loft-style, office building, featuring high ceilings, exposed masonry, restored rafters, arched windows, and hardwood floors.
BRR Architecture has leased 25 percent of the building, and an undisclosed internet company plans to lease the remaining 75 percent.
In addition to a conventional loan from TriState Capital, Water Works made use of federal and state Historic Tax Credits. Also, the Philadelphia Industrial Development Corporation (PIDC) awarded the project an Energy Works Loan, due to its innovative use of environmentally sensitive “green” building materials and systems.
Prior to its conversion, the warehouse was an obsolete plumbing distribution center that the previous owner, Ray Labov, inherited from his parents. For the last decade, Labov had been searching for a developer to restore his dilapidated property. The once eye sore has now become a vibrant addition to Manayunk’s continued revitalization. The Senator was on hand today to witness the unveiling of a cornerstone plaque that the Developers commissioned to honor the loving memory of Labov’s parents.
Senator Hughes said, “This is a great example of how public government and private entrepreneurs worked together to create jobs and improve neighborhoods.”
Be sure to visit Senator Hughes at www.SenatorHughes.com and follow him on Facebook and Twitter (SenatorHughes).
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