Veyko, Inc. to build new facility on long-time vacant lot in East Kensington, create new 15 jobs.
Philadelphia, December 11, 2013– Mayor Michael A. Nutter broke ground at a longtime vacant lot on the industrial corridor of American Street in East Kensington, which will soon be converted into an 11,550 square foot manufacturing facility for Veyko, Inc., a Philadelphia-based metal fabrication company.
“This new development will bring to life a lot that has stood vacant for ten years, will put people to work and will provide for the expansion and growth of a manufacturing company in Philadelphia,” said Mayor Nutter. “My Administration, through the Department of Commerce and PIDC, is committed to supporting the growth of small businesses like Veyko and to investing in commercial corridors such as American Street. Veyko’s growth shows that manufacturing is coming back in Philadelphia.”
The total project cost is $2.1 million. The American Street Empowerment Zone, overseen by the Philadelphia Department of Commerce, is providing a grant of $250,000, and PIDC is financing $933,000. Veyko plans to create 15 new jobs at the facility. The company provides design, metal fabrication and installation services to architects, designers, general contractors and homeowners. Examples of Veyko’s work include the SEPTA 8th Street Station benches and the large scale exterior artwork at Lincoln Center in New York City. Veyko will relocate from its current location on Fairmount Avenue in order to accommodate its expanding business. The $250,000 grant supports the development of the facility, and will also allow the company to retain 12 existing jobs and to create 15 new jobs.
Since 1994, the City of Philadelphia has been working to improve the American Street Commercial Corridor. Investments have been made through the Philadelphia Department of Commerce and the Philadelphia Empowerment Zone’s signature program, the Neighborhood Funding Stream, to support local economic development and neighborhood revitalization. The American Street Empowerment Zone Community Trust Board, an advisory board to the City of Philadelphia, provides input on grant making in the American Street Empowerment Zone.
“Through this process, grants are being provided to support major investments in real estate development. Veyko, Inc. is one of three recent American Street Empowerment Zone Neighborhood Economic Development grants. Veyko, Inc. will receive a $250,000 grant that will support the continued revitalization of the neighborhood,” says Aiisha Herring-Miller, Senior Program Manager for Philadelphia Empowerment Zones at the Philadelphia Department of Commerce.
PIDC, the City’s economic development corporation, invested $933,000 in the Veyko Project. Marla Hamilton, Vice President of Market Development for PIDC said, “What is especially exciting is that this is a project that was approved just when the recession hit. At one point, the developers even decided to halt the project. Clearly, they have weathered the storm and come back strong. This is a great opportunity for Veyko, Inc. and a great win for the City.”