Jefferson to begin work on $205M expansion on New Jersey hospital

South Jersey’s Jefferson Washington Township Hospital broke ground on its $205 million expansion project earlier this month.

The health facility will receive an eight-level parking garage, a seven-floor patient tower with a new lobby, a same-day surgery unit and recovery room, and a new processing distribution center.

“Our Washington Township facility continues to evolve and grow to meet the needs of the communities we serve,” said Joseph Devine, president of Jefferson Health in New Jersey in a Philadelphia Business Journal article. “We are thrilled to begin addressing the ever-increasing demand for parking on this campus. [The expansion will provide] a new level of service and patient-focused amenities to the people who depend on us for care.”

Jefferson Health Systems was recently ranked one of the best hospitals in the nation, coming in at 16 on U.S. News and World Report’s Best Hospitals list.

Newark, DE to get transformational redevelopment project

College Square Shopping Center in Newark, DE, is about to receive a makeover.

Real estate investor Fusco and apartment developer CornerstoneTracy have partnered up to transform the square with retail shops, restaurants, and apartment complexes.

“[This project will] transform the College Square property into a walkable and bikeable active lifestyle center, with high-quality apartments designed for working professionals and empty-nesters,” a joint release said in a statement in Delaware Business Now. “The project looks to establish a modern, amenity-rich destination that will provide a unique sense of place.”

The residential units will mostly be studio or one-bedroom apartments in order to meet high demands.

The developments are projected to breathe new life into the square.

Photo credit: Delaware Business Now

Delaware has second lowest personal tax burden in U.S.

Delaware is ranked 49th in the country for personal tax burden.

That’s according to a Delaware Business Now article, which covered analysis from WalletHub that compared the property, individual income, and sales and excise taxes of each of the 50 states. Delaware has “the ability to use personal nontax revenues to pay for state operations,” according to the article.

The state also has a low real estate property tax as well as the lowest vehicle property tax.

Low taxes have made Delaware a business friendly state; in 2016, it was named the 5th best state in the U.S. to start a business

Med tech company relocates HQ to Philadelphia

Medical technology firm Proscia Inc., which currently has its headquarters in Baltimore, is moving to Philadelphia.

“We want to tap into the talent pool Philadelphia has in the technology field,” said David West, Proscia Inc.’s co-founder and CEO in a Philadelphia Business Journal article. “You have the University of Pennsylvania and Drexel, plus it’s close to a lot of pharmaceutical companies. Philadelphia is a good place to be a health care technology company.”

The company is developing technology that uses artificial intelligence that improves cancer diagnosis. It has grown from four employees since its founding to 12, a number that West hopes to double within the next year.

The platform that Proscia is developing is currently being used in over 300 labs worldwide. The move will add it to the growing list of startups in Greater Philadelphia, which was ranked as 3rd in the nation for startup hubs in 2017.

CHOP named best pediatrics department in U.S.

The Children’s Hospital of Philadelphia (CHOP) was ranked as having the best pediatrics department in the U.S., according to U.S. News and World Report’s recent rankings.

“I am proud and excited to once again share the news that our Department of Pediatrics remains the nation’s best,” said Madeline Bell, President and CEO of Children’s Hospital of Philadelphia in a Philly Voice article. “I congratulate our faculty and staff on their sustained record of excellence.”

CHOP has consistently been listed as a top children’s hospital, ranking 2nd in the nation by U.S. News and World Report in 2018. The hospital also recently set the record for fastest time to analyze 1,000 genomes and was honored by the Guinness Book of World Records for their achievement.

Chester County has 2,000 new apartments in the pipeline

Numerous multifamily apartment complexes are coming to Chester County’s Exton and Downingtown neighborhoods.

According to BisNow Philadelphia, real estate company Hankin Group is developing close to 1,000 of these apartments. They are constructing the largest project in the area, River Station, a $100 million investment which will have 442 apartments and will be located on the future site of the Downingtown train station.

Hanover Co., PREIT and E. Kahn Development Co. are also developing multiple complexes in the area, with a total of approximately 2,000 apartments coming to Chester County within the next few years.

The new complexes will join apartment developments happening across the region, including a boom in the King of Prussia area.

Image courtesy of BisNow Philadelphia

Rowan University launches fund to support diverse research

Rowan University’s research funding grew from $9.1 million in 2012 to $34 million in 2016.

The school has been expanding rapidly, with a growing student population as well as millions invested into redevelopment projects, including a new, 98,300-square-foot building for the university’s business school.

Rowan’s most recent endeavor is a $250K fund that is coming out of Rowan Research Experience for Diversity and Inclusion (REDI).

“We want our faculty and students to be thinking about how the university does research to advance diversity initiatives,” said Beena Sukumaran, the president’s fellow for diversity and inclusion in a Philadelphia Business Journal article. “[We also want to think about] how to make their spaces more inclusive, how are they assessing the needs of underrepresented students, minorities, women, LGBTQI [students] and how are they addressing some of those needs through their research activity.”

Grant money will be awarded to students and faculty that are performing research that integrates components of diversity and inclusion.

14 companies headquartered in Greater Philadelphia make 2017’s Fortune 500

Fourteen companies headquartered in Greater Philadelphia made the Fortune 500 list for 2017.

That’s one more than in 2016; Toll Brothers, a real estate company located in Horsham, PA, leapt from #576 to #497.

The majority of Philadelphia region companies on the Fortune 500 climbed in their rankings from the previous year, according to a Philadelphia Magazine article. Comcast moved from #37 to #31, with a total revenue of $80.4 billion. AmerisourceBergen, located in Chesterbrook, PA, is the highest ranked corporation in Greater Philadelphia, coming in at #11 with a total revenue of $147 billion and 18,500 employees worldwide.

The complete list of Greater Philadelphia region Fortune 500 companies include:

 

  • Toll Brothers

Horsham, PA

 

  • Airgas

Radnor, PA

 

  • Chemours

Wilmington, DE

 

  • Burlington Stores

Burlington, NJ

 

  • UGI

King of Prussia. PA

 

  • Genesis Healthcare

Kennett Square, PA

 

  • Campbell Soup

Camden, NJ

 

  • Crown Holdings

Philadelphia, PA

 

  • Universal Health Services

King of Prussia, PA

 

  • Lincoln National

Radnor, PA

 

  • Aramark

Philadelphia, PA

 

  • DuPont

Wilmington, DE

 

  • Comcast

Philadelphia, PA

 

  • AmerisourceBergen

Chesterbrook, PA

 

Find the full Fortune 500 list here.

Campbell Soup launches massive solar project in Camden

Campbell Soup Company’s 4.4-megawatt solar panel sprawl went live earlier this month.

The Camden, NJ-based food company, in partnership with BNB Renewable Energy Holdings, SunPower Corporation, and ORIX USA Corporation, began the development in May 2017. The renewable project will generate 20 percent of the company’s annual electricity, which is more than 5 million kilowatt hours of electricity per year.

“Campbell’s renewable projects are delivering clean energy to the grid and demonstrating the viability of energy sources like solar,” said Jim Prunesti, Vice President of Global Engineering for Campbell Soup in a press release. “They contribute to our long-term sustainability strategy and deliver on our commitment to expand renewable energy.”

The project includes ground, roof, and carport panels and is the largest solar project in Camden.

Campbell Soup Company is a Fortune 500 company, with a net worth of $7.9 billion as of 2016 and 16,500 employees globally.

Christiana Care named as one of best hospitals in U.S.

Christiana Care is in the top two percent of hospitals in the U.S., according to Healthgrades.

Healthgrades, an online resource that provides information and grading on U.S. doctors, physicians and health systems, assessed 5,000 hospitals in the country. They based their rankings off of comprehensive and consistent quality of health care over a three-year period. Based on this criteria, Christiana Health was designated as a top hospital; it is the second year in a row they have obtained this designation.

“At Christiana Care, our mission is simple: we take care of people,” said Christiana Care President and CEO Janice Nevin in a Hockessin Community News article. “I am grateful for the opportunity to serve alongside such an outstanding team of expert physicians, nurses and health professionals. Delawareans and all those we serve in the region have every reason to be proud of the outstanding health care available in the First State.”

Other Greater Philadelphia region hospitals on Healthgrades’ top 100 include Jefferson Health, Chester County Hospital, and Lankenau Medical Center, all of which are located in southeastern PA.