Passyunk Avenue Revitalization Corporation (PARC) has a dual mission as both a non-profit real estate development/management company and a public space maintenance and enhancement organization. As a non-profit organization, PARC owns real estate primarily on the Passyunk Avenue retail corridor from Federal Street to McKean Street. With the income from these properties PARC provides supplementary public space maintenance and improvement services on Passyunk Avenue and on the surrounding residential blocks from Broad Street to 9th Street, Federal Street to Snyder Avenue.
PARC will remain a long-term holder of its Passyunk Avenue assets, continuing to maintain and upgrade its existing mixed-use holdings and will periodically use the proceeds from the sale of some of its properties to purchase and improve other deteriorated buildings or undeveloped sites on and adjacent to the corridor.
PARC will ensure a quality retail mix that serves both the neighborhood and the region. Retail leasing decisions will balance prudent investment principles with community service objectives.