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.