Pennsylvania has earmarked $35.6
million from its Redevelopment Assistance Capital Program for more than
two dozen projects in Philadelphia.
The
largest amount, $5 million, was given to Mission First Housing Group
for the first phase of a $50 million project called New Market West,
which is a is a four-story, 90,000-square-foot building that will house
retail space and community services at 5901 Market St. in West
Philadelphia.
Another $3 million
was approved for the renovation and development of an industrial
manufacturing center at the Philadelphia Navy Yard. The facility will
accommodate equipment involved in the manufacturing of maritime and
defense products.
Dranoff Properties
received $1.4 million for its SLS International Hotel & Residences
project on South Broad Street. The developer, which also received $1
million last year, had requested $20 million. The project involves the
development of 110 hotel rooms and roughly 100 condominiums at Broad and
Spruce streets in Center City.
Among those that also received funding were:
- Pennsylvania Academy of the Fine Arts, which received $500,000 for the development of a campus master plan;
- Walnut Street Theatre received $1 million for an expansion project;
- Arts & Crafts Holdings received $1.5 million for the redevelopment of 915 Spring Garden St.;
- The Delaware River Waterfront Corp. got $2 million for Spring Garden and Festival Piers;
- Drexel University received $1 million for its Bossone Research Labs.
Source: Philadelphia
Business Journal
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