GRCA Commerce Quarterly Fall 2019 - 14

small business matters

HUNGRY FOR
A FRESH START

First Phase for $8.2M Property Redevelopment
Project that will bring more food, jobs
to downtown Reading announced

his August, Greater Reading Chamber Alliance (GRCA)
was happy to join our community partners in formally
announcing the launch of the first phase of an $8.2 million
redevelopment project located at North 4th and Elm Streets in
downtown Reading.

demolition, parking renovations, and roof repairs. The Greater Berks
Development Fund has 50% participation in the loan at $600,000.
Additionally, the City of Reading has pledged $1.5 million to help
finance equipment through the Community Development Section
108 loan program. Additional financing still needs to be secured for
Leo Sanchez, with financing from a small consortium of lenders Phase 2, which is when the large-scale construction and renovations
led by Community First Fund, will convert a vacant 40,000 sq. ft. will take place.
property into a two-story commercial space with three different
"We are extremely happy to be able to partner with Community
businesses. Located in a low-income neighborhood in downtown First Fund to assist Leo Sanchez's continued growth and significant
Reading, this project will create 120 full-time jobs and 30 part- investment in Reading," says Edward Swoyer of GRCA. "He's a
time jobs for residents. The property includes nine affordable-rate perfect example of the entrepreneur we are looking to support."
apartments, which will remain as part of the project.
Sanchez is experienced in the grocery industry, as he currently

The street level of the property will feature a 17,000 sq. ft. Super
Natural & Fresh Produce grocery store and café. The second floor
will house two different businesses: a 19,000 sq. ft. warehouse
to supply local bodegas and grocery stores with fresh food and a
4,000 sq. ft. manufacturing space to produce corn flour tortillas for
local stores and restaurants. An existing 10,000 sq. ft. space will be
demolished to create a parking garage and loading dock. The project
is estimated to be completed in 2022.
"Providing access to a grocery store and healthy foods is a critical
issue in underserved communities," says Dan Betancourt, President
and CEO of Community First Fund. "This project will help make
this neighborhood a better and healthier place for low-income
individuals to live and prosper. And the creation of 150 quality
jobs will have a major impact on many families in Reading. We are
proud to be assisting Leo Sanchez with this project."
Community First Fund and the GRCA have been working
with Sanchez on the development of the project since March 2018.
Community First Fund made the initial loan of $1.2 million to
start Phase 1, which encompasses pre-development work such as
14 COMMERCE QUARTERLY FALL 2019

owns and operates two Super Natural & Fresh Produce stores;
one on N. 12th Street in Reading, and another in Scranton.
These full-service grocery stores offer a large variety of ethnic and
cultural produce and fresh food for the predominately Hispanic
communities where they are located.
"This project will not only provide good jobs and healthy food
for the community and its residents, but will also support local
businesses," says Sanchez. "Most bodegas and restaurants here in
Reading have to get produce and tortillas from Philadelphia or New
York. Having a local wholesaler will make it much easier for these
businesses to get products faster and better serve their community."
Sanchez also worked closely with another GRCA partner,
the Kutztown University Small Business Development Center
(KUSBDC), on this project, which helped him with business
planning and projections. Local realtor and consultant Michael
Rivera is serving as project manager. Monarch Enterprise, headed
by Principal Aaron Camara, will be managing construction of the
project.

GRCA Commerce Quarterly Fall 2019

Table of Contents for the Digital Edition of GRCA Commerce Quarterly Fall 2019