East Market Project Gets Infusion of Funds
Detail from one of the East Market renderings. Full versions below. Courtesy National Real Estate Development.
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.
Oh, and as a side note, in case you think the head of IBEW Local 98 John Dougherty is sitting around twiddling his thumbs, this deal would be dead if he hadn’t lobbied hard for it. Okay, maybe not dead, but he really pushed to make this happen, and it’s a big part of the credibility that Market Street is gaining overall, making it easy for people like Century 21 CEO Eddie Gindi to see the area’s potential. Regular readers of my writing will know it’s not every day I praise the unions or one of their leaders for good work done, but Doc was really instrumental here. I have a feeling when all is said and done, the blocks of Market Street are going to look a hell of a lot better.
And now, here are some thing politicians said about the grant:
“East Market will serve as the catalyst to reinvigorate the heart of Center City Philadelphia,” said Governor Corbett. “I am proud to be working with Mayor Michael Nutter to help support a project, which will create more than 1,500 jobs, additional ongoing tax revenue and breathe new life into a part of Philadelphia that stands ready for revitalization.
“We are seeing international and national events look to Philadelphia as hosts. We want to ensure that the City is ready to serve in that role to the best of its ability, while also providing those living here with a thriving urban center.”
“The revitalization of Market Street is a priority for my Administration and Governor Corbett and I both understand the significant impact that the East Market development will have on Philadelphia,” said Mayor Nutter. “Philadelphia is a world-class city home to some of this country’s most important historical landmarks, as well as some of the largest and most successful global corporations. It is critical that we support projects like East Market that will have a transformative effect on Center City Philadelphia for generations to come.”
Check out our prior East Market coverage and a panoply of renderings here.
