Fiscal Analysis

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Fiscal Impact Analysis

Tax claims in context

The developer’s “million-dollar” tax claim needs context. Most of the property tax revenue would go to the Garnet Valley School District—not Concord Township—and the vacant property already pays substantial taxes.

Concord’s actual recurring gain appears to be only about $50,000–$80,000 per year, while the larger 10-year figure includes one-time permit and development fees.

Before calling this a financial benefit, the Township should compare the new recurring revenue against the ongoing public costs of traffic management, stormwater enforcement, emergency response, road wear, and municipal oversight.

Gross revenue is not the same as net benefit to taxpayers.

READ ANALYSIS HERE

Who Owns Shoppes at Concord?

The Shoppes at Concord is being developed by Concord Acquisition LLC, an affiliate of Retail Sites LLC, the commercial real-estate company founded and led by Robert M. Hill. Documents obtained through a Right-to-Know request provide additional detail about the ownership of Concord Acquisition LLC.

Concord Acquisition LLC is 100% owned by Concord Managing Member LLC. That company is owned:

95% by RSI Concord Equities LLC
5% by Tyler Arsenault, Vice President of Leasing for Retail Sites

RSI Concord Equities LLC is owned:

84.22% by Robert M. Hill
15.78% by Morgan Konstantinidis, Vice President of Development for Retail Sites

Based on those percentages, the approximate indirect ownership of Concord Acquisition is:

Robert M. Hill — 80%
Morgan Konstantinidis — 15%
Tyler Arsenault — 5%

The same ownership document identifies Robert Hill as the sole Manager of Concord Acquisition LLC, with authority to conduct the company's business and affairs.

Retail Sites itself is a privately held commercial real-estate development company founded by Robert Hill in 2007. Its leadership includes Hill, Konstantinidis, and Arsenault, and the company develops projects through separate project-specific entities such as Concord Acquisition LLC.

These records provide residents with a clearer picture of the individuals who ultimately own and control the company proposing the Shoppes at Concord.

Who Financed the Shoppes at Concord Purchase?

Although Concord Acquisition LLC owns and is developing the Shoppes at Concord, the property's acquisition was financed in substantial part by the former owner, a Pettinaro-affiliated entity. Concord Acquisition purchased the property in December 2024 for approximately $10.63 million, and the transaction included a $9.594 million purchase-money mortgage held by Ridge Road Development, L.P., a Pettinaro-related entity.

In practical terms, this means Pettinaro did not simply sell the property and exit the transaction; it retained a significant financial interest as the mortgage lender and secured creditor following the sale.

Concord Acquisition LLC remains responsible for developing the property, but the recorded mortgage means the former owner continues to have a substantial financial relationship with the site until that debt is repaid, refinanced, assigned, or otherwise satisfied. Additional review of any mortgage amendments, assignments, subordinations, guarantees, or subsequent financing is necessary to determine whether other lenders or financial participants have since become involved.

Why the Entity Structure Matters

Retail Sites and Robert M. Hill have used a number of separate project-specific entities in connection with property acquisitions and development projects, including:

Concord Acquisition LLC
Concord Managing Member LLC
Upper Gwynedd Equities LLC
Brookhaven Acquisition LP
Brookhaven Acquisition GP LLC
Brookhaven Managing Member LLC
Brookhaven Equities LLC
RSI Concord Equities LLC
RSI Brookhaven Managing Member LLC
RSI Acquisition Equities LLC

These entities are generally used to hold, acquire, finance, manage, or control individual real-estate projects rather than placing each property directly in the name of Retail Sites LLC. For example, the Shoppes at Concord is owned through Concord Acquisition LLC and related managing-member entities, while the Shoppes at Brookhaven was developed through a separate Brookhaven ownership structure.

This type of special-purpose entity structure is common in commercial real estate because it can separate the ownership, financing, liabilities, investors, and management of one property from another. As a result, reviewing only “Retail Sites LLC” does not necessarily reveal the full ownership or business structure associated with a particular development.

Retail Sites LLC and Interstate Commercial Real Estate

Retail Sites has a longstanding business relationship with Interstate Commercial Real Estate, Inc. Before founding Retail Sites in 2007, Robert M. Hill spent about 20 years with Interstate and Site Development, where he helped identify and develop more than 80 Commerce Bank locations. Morgan Hill Konstantinidis, now Vice President of Development at Retail Sites, also previously worked at Interstate.

Interstate Commercial Real Estate, Inc. was later among the related-party real-estate relationships addressed in a 2007 Office of the Comptroller of the Currency consent order involving Commerce Bank. At that time, Commerce Bank entered into a formal agreement with the Office of the Comptroller of the Currency (OCC), the federal agency that regulates national banks, following regulatory concerns about the bank’s business dealings with companies and individuals connected to its leadership. The agreement required Commerce Bank to strengthen independent oversight of these relationships and to end or restructure certain related-party real-estate arrangements, including its relationship with Interstate Commercial Real Estate. Robert Hill was specifically identified in the OCC order as an “Insider-Related Party.”

The 2007 OCC order required Commerce Bank to substantially separate its banking operations from business relationships involving its executives, their relatives, and affiliated companies. Commerce was restricted from entering new insider-related transactions without regulatory approval, required to unwind or restructure existing arrangements—including its relationship with Interstate Commercial Real Estate—establish independent oversight of major real-estate transactions, disclose related-party dealings to regulators, and retain an independent firm to review compliance.