PRESS RELEASE

April 26, 2023

First State Crossing Named Commercial Development of the Year, Receives CoStar Impact Award

Winners were selected by a panel of more than 750 esteemed industry professionals across 128 markets at the second annual commercial real estate awards

Philadelphia, PA – First State Crossing was named the 2023 Commercial Development of the Year in the Philadelphia market. Winners of the CoStar Impact Award were chosen for their growth, diversification, and ability to overcome unique challenges by a panel of more than 750 industry professionals drawn from each respective market.

First State Crossing is a redevelopment of the former Claymont Steel Mill on a 425-acre property south of Greater Philadelphia. The estimated $850 million new construction project is expected to have the largest economic impact of any development in the state. The master plan includes 3.75 million square feet of new construction – office, residential, retail, light-industrial, and a new nature park with an extensive network of walking trails and other community amenities.

CDC purchased the retired steel mill in 2015 with plans to establish a mixed-use project on the 425-acre site. The first step was to relocate Claymont Transit Center to anchor the redevelopment. The $70 million transit center will be the busiest in Delaware with 44 trains per day. Claymont Station will open in August 2023 and will connect First State Crossing to Greater Philadelphia with express trains to 30th Street Station in just 25 minutes.

When complete, the value of the project is expected to exceed one billion dollars in construction costs and will represent the largest economic development project in the state, according to Brett Sadler, Executive Director of the Claymont Renaissance Development Corporation.

The CoStar Impact Awards recognize exemplary commercial real estate projects completed in 2022 that have significantly influenced neighborhoods or submarkets across 128 major international markets in the United States, Canada, and the United Kingdom.

“We’re grateful for the chance to recognize the accomplishments of noteworthy real estate projects and transactions across the industry,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group. “As the industry continues to evolve, real estate professionals have adapted and contributed immensely to the neighborhoods they serve through innovative projects and community-driven initiatives.”

To read more about First State Crossing’s CoStar Impact Award, visit: https://www.costar.com/article/286472838/reimagining-of-former-steel-mill-is-expected-to-drive-regions-economy

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Commercial Development Company, Inc.

Commercial Development Company, Inc. is a privately-held, diversified real estate acquisition and development firm whose principal competency lies within the acquisition, repositioning, and redevelopment of underutilized, distressed or environmentally-challenged properties. CDC has purchased and developed over 50-million-square feet under roof located on over 300 sites throughout the United States and Canada. For more information, visit https://www.cdcco.com.

About CoStar Group, Inc.

CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality sector. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. CoStar Group’s websites attract tens of millions of unique monthly visitors.  Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe, Canada and Asia with a staff of approximately 4,900 worldwide, including the industry’s largest professional research organization. For more information, visit www.costargroup.com.