Eastern Tower Community Center in Chinatown has received
a financial boost in the form of $3.7 million from the state.
The money, which will come in the form of an Economic
Growth Initiative grant, will go toward Philadelphia Chinatown Development
Corp's construction of the $75 million mixed-use building that is slated to go
on a site at 10th and Vine streets in Philadelphia. The 23-story structure will
total 227,000 square feet and include 144 apartments, offices, recreational and
retail space as well as a parking garage. Once completed, it will become a
significant anchor in the Chinatown community.
Earlier this year, the PCDC helped form an immigrant
investor regional center to raise $33 million to fund a portion of the project.
It also has a $42 million commitment from Citi Community Capital. The project
received another $1 million from the William Penn Foundation and the Fund for
Quality.
Construction is scheduled to begin early next year.
Source: Philadelphia
Business Journal
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