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Not Verified Project

Funding

Funding Needed
$18.9 (Mio)
EB5 Funding
$12 (Mio)
EB-5 Investors
24
Investment Amount
$500,000

Jobs

Job Creation per Investor
17.5
Job Creation (Total)
420
Category
Construction
Sub-Category
Other Foundation, Structure, and Building Exterior Contractors

Location

State
Pennsylvania
Location
Huntingdon Valley, Montgomery County, Rhoads

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Last Update: February 04, 2015 01:01 PM

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Rhoads II Project


Project Description

Rhoads Industries, Inc. (“Rhoads”) has provided mechanical contracting and metal fabrication services to the Greater Philadelphia Region for more than 75 years. Founded in 1938 as a family run business headquartered in Huntingdon Valley, Montgomery County, Rhoads consolidated its 200,000 square feet of fabricating shops and warehouses in three separate facilities into a single complex at the Philadelphia Navy Yard in 2006 through the Rhoads I Project, using a $7 million PIDC Regional Center loan. With the move, Rhoads increased its capabilities to encompass larger fabricated components and assemblies, which allowed it to expand its customer base to a global level. All 14 investors in the Rhoads I Project have received permanent residency status as well as full principal repayment. Since its relocation to the Navy Yard, Rhoads has expanded to a number of additional facilities in order to meet the increased number of government subcontracting work it has taken on from several of the other industrial tenants in the Shipyard District. Not only has Rhoads partnered with Northrop Grumman, Rolls Royce, and Lockheed Martin, but it also has been awarded direct service contracts with NAVSEA in excess of $35 million. Recognizing the potential to combine its fabrication with advanced technology government contracting at the Navy Yard, Rhoads most recently decided to begin the Rhoads II Project, which would double its facility capabilities by acquiring and expanding its operations into a 241,863 square foot facility, Building 57. A $12 million PIDC Regional Center loan would help finance the Rhoads II Project. The addition of Building 57 will allow Rhoads to carry out several Department of Defense contracts over the next two years. In addition, Building 57 has sat empty since the US Navy decommissioned the naval base in 1994. The rehabilitation of Building 57 by Rhoads will bring new life to the historic Shipyard District of the Navy Yard by combining advanced technology with efforts to support the American shipbuilding industry.


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