Local firm IMC Construction has made a historic change in ownership and leadership.

IMC named Michael Lloyd as its new president and CEO after he purchased majority ownership of the company, the Philadelphia Business Journal reports. With Lloyd's purchase, IMC says it is now the largest minority-owned commercial construction company on the East Coast.

Lloyd had been serving as chief operating officer under former President Rob Cottone, who has transitioned to board chair and minority owner after 20 years at IMC's helm, PBJ reports. The company brought in over $400M of revenue last year and projects set to crack $500M this year.

As the city of Philadelphia and its real estate industry seek to improve diversity for development projects, a primary stumbling block is the lack of capacity among minority-owned businesses to take on large projects — the result of a systemic lack of access to capital. Local industry leaders of color have attempted to circumvent the issue in the past couple of years by creating and investing in their own professional networks.

IMC is headquartered at the Great Valley Corporate Center in the Philly suburb of Malvern, and it has offices in Center City and the Central New Jersey township of Edison. The company's projects run the gamut from industrial to multifamily, healthcare and education, including the nearly complete office building for law firm Morgan Lewis at 2222 Market St.