Reit Magazine - March/April 2021 - 48

48 |

reit

Credit: Kimco

Room With A View
Apartments look out
on the Philadelphia
skyline.

Game Changer
The rooftop space
offers a range of
group gathering
spaces.

Credit: Kimco

Kimco CEO Conor
Flynn adds that even
through the COVID-19
pandemic, Lincoln
Square continues to be
a signature property
in the company's
growing mixed-use
portfolio. " This center
is a prime example of
how essential retail has
prevailed, and how a
multifamily component
can enhance an asset
and drive additional
traffic to the retail. "
Through transforming what was once
an underutilized lot
in a prime location,
Flynn says, " we've
made Lincoln Square
a community focal
point, providing an
unmatched urban
living experience and
much-needed retail
and grocery options in
a community that was
once underserved and
underdeveloped. "
Philadelphia City
Councilmember
Kenyatta Johnson, representing the Second
Council District, notes
that given the near
four-acre size of the
square block, and the
corner's importance
as the gateway and
crossroads between
the neighborhoods of
Center City, Southwest
Center City, South
Philadelphia, Point
Breeze, Graduate Hospital, and Hawthorne,
" any development of
this property had to be
carefully crafted. "
Johnson adds that
Lincoln Square has
" enhanced the quality
of life in the area by
replacing a parking
lot and blighted

historical building with a
well-designed, thriving
mixed-use property. "
ADVOCATING
ADAPTIVE REUSE
Kimco's partner in
the venture, Philadelphia-based Alterra
Property Group, LLC,
had worked with the
city on acquiring
the property and

approached Kimco
with plans for utilizing
multiple developers to
create Lincoln Square.
Kimco saw the potential
to play a larger role in
the project.
" Ultimately, the
beauty of [Kimco's]
operating platform is
that we do multifamily
on a select basis ourselves, along with the

retail that's right in our
wheelhouse, " Simmons
explains. " We wanted
to do a more simplistic
transaction with one
party, instead of a
complicated one with
multiple developers. A
complex negotiation
that was taking four
or five months, all of
a sudden took four or
five days and we had

entered a straightforward joint venture, " he
says.
The city block now
known as Lincoln
Square holds two-fold
historical significance in
Philadelphia's timeline.
Built in 1876 for the
Philadelphia, Wilmington, and Baltimore
Railroad Company, the
train shed and adjoining
head house at the site
were situated next to a
renowned passenger
station constructed
in 1852. That train
station served as a
stop for President
Lincoln's funeral train
following his assassination in 1865, and the



Reit Magazine - March/April 2021

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Reit Magazine - March/April 2021 - Contents
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