Veyko Inc. Plans To Expand Its Manufacturing Center In Philadelphia, Pennsylvania
Area Development Online News Desk (12/12/2013)
Veyko Inc., a metal fabricator, will construct a 10,000-square-foot manufacturing facility in Philadelphia, Pennsylvania, one mile away from its current operations on Fairmont Avenue. The company will invest more than $2 million in the project that is expected to create 15 new positions.
Mayor Michael A. Nutter said the company recently broke ground in an industrial corridor of American Street in East Kensington, which will soon be converted into Veyko’s 11,550 square foot manufacturing facility.
“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 Mayor’s Office said. The American Street Empowerment Zone, overseen by the Philadelphia Department of Commerce, is providing a grant of $250,000, and Pennsylvania Industrial Development Corp. is financing $933,000.
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.
“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.
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.”