Case Study

In 2004, La Salle University’s Office of Community and Economic Development worked with leadership and community members to craft a realistic plan to improve the quality of life for residents around the campus. The University’s findings led them to The Reinvestment Fund (TRF), a Philadelphia-based CDFI and leader in the financing of neighborhood revitalization, affordable housing, community facilities, supermarkets, and commercial real estate. With the support of TRF, La Salle University began to develop a redevelopment strategy for its investment in the adjacent neighborhoods. The keystone of the plan was a 80,000 square foot retail center, The Shoppes at La Salle, located adjacent to the campus. The Shoppes at La Salle was anchored by a 50,000 SF Fresh Grocer, the first full-service supermarket built in the area in over 40 years. TRF facilitated $14 million in financing for the supermarket through a combination of grants and loans from Pennsylvania’s Fresh Food Financing Initiative and Pennsylvania’s Redevelopment Agency, New Markets Tax Credit financing, the American Recovery and Investment Act financing, and other sources of state loan funds and leveraged financing. The Fresh Grocer opened its doors in 2009, creating more than 250 jobs, mainly filled by local residents. The store also increased access to affordable, fresh food for the residents in the underserved neighborhoods around La Salle’s campus. In addition, the construction of the store incorporated state-of-the-art energy refrigeration and energy management systems that reduce energy consumption and contribute to enhanced financial performance to ensure sustainable operations of the store.

Links to relevant articles:

  1. Partnerships for Community Impact: Higher Education and CDFIs Working Together
  2. Financing Health Food Options: Implementation Handbook – Underwriting Supermarkets and Grocery Stores, The Fresh Grocer at La Salle University

Case Study

Working through Campus Partners, a nonprofit community development corporation, Ohio State invested $28 million of its endowment funds into the “South Campus Gateway” complex. This project included the renovation of over 1,300 units of housing and the building of a 500,000 square-foot shopping center, as well as an on-going commitment to improving community schools through service learning. The University leveraged an additional $100 million in external funds to support the project, including a $35 million New Market Tax Credit allocation.

Links to relevant articles: