A long-awaited ground breaking on the $44 million
redevelopment of the Divine Lorraine is scheduled for Wednesday afternoon.
EB Realty Management Corp. of Philadelphia is undertaking
the project that will convert the former hotel on North Broad Street into 109
apartments and 20,000 square feet of retail space.
A rendering of how some of the retail space would look at
a redeveloped Divine Lorraine.
Funding for the project came from Procida Funding
Advisors’ 100-Mile Fund, the Philadelphia Redevelopment Authority, the state,
Philadelphia Industrial Development Corp. and the city Philadelphia.
The Philadelphia Historical Commission signed off on a
plan in August that also helped pave the way for renovation of the 122-year-old
building at 699 N. Broad St.
Plans for the iconic building include more than 100
apartment units and about 20,000 square feet of ground floor retail space.
The empty lot next to the redeveloped Divine Lorraine is
also on its way to getting a facelift. New York-based RAL aims to construct two
apartment towers, townhomes and a supermarket at the neighboring site.
Source: Philadelphia
Business Journal
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