An official ground breaking is scheduled for Thursday on
East Market, one of the developments expected to have a transformative effect
along East Market Street in Philadelphia.
Lt. Gov. Jim Cawley and Philadelphia Mayor Michael A.
Nutter will participate in the ceremony to mark the beginning of demolition and
construction of the project. The 4.3-acre site takes up an entire city block
bound by Market, Chestnut, 11th and 12th streets. The building fronting Market
Street will be taken down and the first phase of East Market will rise in its
place. It will total $230 million and encompass 650,000 square feet. The
developers received $14 million in state and city funds to support the
development.
That initial phase will include constructing a 17-story
tower that will have the first two levels dedicated to 160,000 square feet of
retail space and the remainder an apartment structure with 322 units. It will
also involve renovating the 200,000-square-foot family court building and
preparing that for retail space on the street level and office space above.
Source: Philadelphia
Business Journal
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