International Economic Development Council Recognizes Berwyn Gateway Plaza for Redevelopment Efforts
BERWYN, Ill., Oct. 10, 2012 /PRNewswire-USNewswire/ -- The International Economic Development Council (IEDC) has awarded the City of Berwyn and the Berwyn Development Corporation (BDC) with the 2012 IEDC Excellence in Economic Development Gold Award in Real Estate Redevelopment & Reuse. The award was given for their work on the Berwyn Gateway Plaza, an urban infill redevelopment project of a critical commercial block within Berwyn, IL. The redevelopment project was a comprehensive effort from land assemblage to leasing in order to create a new neighborhood retail center at the northeast corner of Cermak Road and Harlem Avenue.
The IEDC is the world's largest membership organization serving the economic development profession. IEDC's Excellence in Economic Development Awards recognizes the world's best economic development programs and partnerships, marketing materials, and the year's most influential leaders. The 35 awards honor organizations and individuals for their efforts in creating positive change in urban, suburban, and rural communities. An experienced panel of judges reviewed over 450 entries and chooses winners that are at the forefront of economic development.
The IEDC Excellence in Economic Development Award in Real Estate Redevelopment & Reuse recognizes innovative real estate redevelopment or reuse projects purpose-built or adaptively reused for the creation of jobs or for increasing the tax base. The Berwyn Gateway Plaza demonstrated a measurable and quantitative impact on employment and the tax base and showed an innovative partnership approach between the public and private sector.
The honor was presented at an awards ceremony on Tuesday, October 2, during the IEDC Annual Conference, which was held September 30 – October 3 in Houston, Texas.
Mayor Robert Lovero stated, "I am extremely proud to see the hard efforts of the City of Berwyn and the BDC being recognized by a world renowned organization. The Berwyn Gateway Plaza is an exceptional addition to the community and showcases Berwyn's high standards for economic development."
The BDC partnered with the City of Berwyn to complete the long term vision for the Berwyn Gateway Plaza. The underutilized land was assembled and purchased by the BDC and then offered for redevelopment through a public/private development Request for Proposal. The project achieved financing by being 50% leased during the due diligence period and was fully leased during the initial construction period. The dense urban infill development attracted six national credit retailers located within 21,900 SF on 1.93 acres, created jobs and increased the City's tax base.
"We recognize the City of Berwyn and the Berwyn Development Corporation for creating innovative and successful strategies to promote economic development in this period of global recovery," said Jay Moon, IEDC chair. "Our awards honor organizations and individuals for their efforts in creating positive change in communities. The City of Berwyn and the Berwyn Development Corporation demonstrate that they are at the forefront of the economic development profession and are using cutting-edge, effective practices that can be replicated in other communities."
Anthony Griffin, BDC Executive Director, noted, "Berwyn Gateway Plaza is a picture perfect example of a public private partnership at work. The project has transformed a vital corner in Berwyn and could not have been done without the collaboration of the City, Berwyn Development Corporation, and our private sector partner." Jon Fey, BDC President, added, "This redevelopment project is a testament to the power of collaboration. It's an honor to be acknowledged on an international scale."
About the International Economic Development Council
The International Economic Development Council (IEDC) is the world's largest independent non-profit membership and research organization devoted exclusively to the field of economic development. IEDC helps economic development professionals create high-quality jobs, develop vibrant communities and improve the quality of life in their regions. Serving more than 4,400 members, IEDC provides a diverse range of services including conferences, professional development and certification, publications, research, advisory services, and legislative tracking. Visit www.iedconline.org.
About the Berwyn Development Corporation
The Berwyn Development Corporation (BDC) is a public-private partnership with the City of Berwyn that provides economic development and Chamber of Commerce services to all segments of the Berwyn community. The BDC is a not-for-profit membership organization that serves over 300 business and individual members. The BDC focuses its efforts on those activities that will improve the overall climate for local businesses and residents, in addition to encouraging the development of new commercial venues and employment opportunities. The BDC continually strives to develop new programs, services and events that promote Berwyn businesses and the community. For more information, visit www.berwyn.net or follow the BDC at facebook.com/BDCorp and twitter.com/bdc_berwyn.
SOURCE Berwyn Development Corp