The state of Pennsylvania has earmarked another $2.5 million in Redevelopment Assistance Capital Program (RACP) funds and the City of Philadelphia has committed $4 million in city funds to the group of developers behind the $230 million redevelopment plan that will bring new Philadelphia office space, Philadelphia retail space and apartment housing to Center City.
Pennsylvania Gov. Tom Corbett’s office said East Market already stood to receive $7.5 million in RACP funds, which are matching grants that are paid once a project is completed.
The massive East Market project covers the redevelopment of the 1100 block of Market Street, an important component in the Philly office space market. Site prep work on the former Girard Square is already underway. Demolition for the first phase is scheduled to begin in mid-October with construction slated to start in early 2015. The redevelopment plan will bring 650,000 square feet of Philadelphia office space, Philadelphia retail space and apartment housing to the city.
Later stages of the project will depend on market conditions, including the market for office space in Philly. Eventually, all of the structures on an entire city block bound by Market, Chestnut, 11th and 12th streets will be either renovated or replaced.
A 17-story tower with 160,000 square feet of Philadelphia retail space and 322 apartment units will be erected in phase one. The initial phase also will include renovation of the 200,000-square-foot family court building which will have Philadelphia retail space at street level and Philadelphia office space above.
For more information about office space in Philly or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (email@example.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philly office space.
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