Market8 proposal gets backing from three politicians

 The Market8 casino proposal got some key state-and-local support, the developer said Tuesday.

Market8, which developer Ken Goldenberg proposes for 8th and Market streets in Philadelphia, is among five bids vying for one casino license.

Two state legislators, Rep. Michael O’Brien (D.-Phila.) and Rep. John Taylor (R.-Phila.), and Philadelphia City Councilman Mark Squilla (D.-1st District) have backed Market8, saying it presents the best opportunity for economic development and best return on investment for the state and city, Goldenberg said.

State regulators held three days of “suitability” hearings in Philadelphia late last month. Regulators are not expected to make a decision until this spring.

“Weighing all of the presentations, it’s clear the economic opportunities that Market8 will bring outweigh those of the other applicants,” O’Brien said, adding that it would spark development on Market East and create more business for the Pennsylvania Convention Center.

“When I was elected to office, one of my top priorities became the revitalization of Market East as a strong commercial district and a destination location for the City,” said Squilla. “We have an unprecedented opportunity with this remaining casino license to transform East Market Street in a way that no other development can.”

Market8 would have a casino operated by Mohegan Sun, 10 restaurants and bars, a concert hall and hotel managed by Philadelphia-based Hersha Hospitality. It would cost $500 million.

Last year, the city said it favored two of the casino proposals — Goldenberg’s Market8 and Bart Blatstein’s The Provence — for their potential for economic development in Center City. The three other proposals are for sites in South Philadelphia.

Source: Philadelphia Business Journal