Gov. Tom Corbett has just given the East Market project a
$2.5 million shot in the arm, bringing the total state monies invested so far
to $10 million. The city, according to a release that went out today, will
spend $4 million to spruce up the area in question, once known as Market East
(which previously had a train station known as Market East as well, but now
known as Jefferson. Quiz later).
The project is that massive reinvention of, er, The Area
Formerly Known As Market East. From the release, here are the latest details:
The funding will help support the first phase of
development for East Market, estimated to cost $230 million. This initial phase
encompasses 1100 Market Street, including new construction of a mixed‐use
development consisting of 107,000 square feet of new retail with frontage on
Market Street and a 322-unit apartment building above the retail space. There
will also be a new parking garage for 201 cars and a centralized loading
facility to service this and future phases of the East Market development, all
below grade to minimize traffic impacts and support the pedestrian-centric
plans. Also included in this first phase is 34 South 11th Street, former home
of the Family Court. This building will be transformed into 150,000 square feet
of new office space and an additional 44,000 square feet of ground floor and
second floor retail space.
East Market is owned by National Real Estate Advisors,
JOSS Realty Partners LLC, Young Capital LLC and SSH Real Estate and is
supported on this project by IBEW, NECA and NEBF.
Oh, and as a side note, in case you think the head of
IBEW Local 98 John Dougherty is sitting around twiddling his thumbs, this deal
would be dead if he hadn't lobbied hard for it. Okay, maybe not dead, but he
really pushed to make this happen, and it's a big part of the credibility that
Market Street is gaining overall, making it easy for people like Century 21 CEO
Eddie Gindi to see the area's potential. Regular readers of my writing will
know it's not every day I praise the unions or one of their leaders for good
work done, but Doc was really instrumental here. I have a feeling when all is
said and done, the blocks of Market Street are going to look a hell of a lot
better.
And now, here are some thing politicians said about the
grant:
“East Market will serve as the catalyst to reinvigorate
the heart of Center City Philadelphia,” said Governor Corbett. “I am proud to
be working with Mayor Michael Nutter to help support a project, which will
create more than 1,500 jobs, additional ongoing tax revenue and breathe new
life into a part of Philadelphia that stands ready for revitalization.
“We are seeing international and national events look to
Philadelphia as hosts. We want to ensure that the City is ready to serve in
that role to the best of its ability, while also providing those living here
with a thriving urban center.”
“The revitalization of Market Street is a priority for my
Administration and Governor Corbett and I both understand the significant
impact that the East Market development will have on Philadelphia,” said Mayor
Nutter. “Philadelphia is a world-class city home to some of this country’s most
important historical landmarks, as well as some of the largest and most
successful global corporations. It is critical that we support projects like
East Market that will have a transformative effect on Center City Philadelphia
for generations to come.”
Check out our prior East Market coverage and a panoply of
renderings here.
Source: Phillymag.com
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