Headlines: Developers to the State, You Know What’s Cool? A Billion Dollars
We just love highlighting all the big-time developments in this city. Hell, we devoted almost an entire issue to the “New Boom” back in March. But how do projects like the W Hotel, East Market The Gallery, the SLS International Hotel & Residences and even the Divine Lorraine get funded? A decent amount of it oftentimes comes from matching funds from the state in the form of Redevelopment Assistance Capital Program (RACP). In fact, Joe DiStefano of The Inquirer reports that “developers, corporations, colleges, hospitals and towns” have requested over $1 billion in funds from the state. Last year, Gov. Tom Corbett saw $1.1 billion in requests, but only “funded $207 million of projects.”
Philly alone at 66 requests, some goodies from this year include:
- $31.5 million for PREIT’s new Fashion Outlets of Philadelphia project at The Gallery
- $20 million for Carl Dranoff’s SLS International Hotel & Residences, in progress
- $8.5 million to the team behind the East Market project
- $5 million a piece for Blatstein’s conversion of the old Inquirer Building and Delaware Station
- $3.5 million for Penn’s Pennovation Center
Highlights from the ‘burbs include:
- $10.4 million for the Ardmore Transit Center, a 6-level garage near One Ardmore Place
- $10 million to Villanova for a parking project
- $1.5 million for the Devon Yard project from Urban Outfitters
DiStefano reports that Gov. Tom Wolf is actually seeking more requests for RACP funding. Check out the full list at the link below.
Developers ask Penna. for $1 billion+ [The Inquirer]
More Headlines For Your Enjoyment!
Residential building collapses on 4700 block of Walnut [West Philly Local]
Improvements being finalized for wonky intersection at 12th and Passyunk [Passyunk Post]
Major tenant re-ups at 2000 Market [Philadelphia Business Journal]
Mayfair pushes ahead with Business Improvement District [PlanPhilly]
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