The highly anticipated East Market project that will bring new Philadelphia office space to Center City Philadelphia got some good news this week.
New subsidies from the state of Pennsylvania and the City of Philadelphia have been designated for the $230 million redevelopment plan that will bring new Philly office space, Philly retail space and apartment housing to the city. Another $2.5 million in state Redevelopment Assistance Capital Program (RACP) funds and $4 million in city funds were been committed to the project this week. East Market already was expected to receive $7.5 million in RACP funds, according to Pennsylvania Gov. Tom Corbett’s office.
The entire 1100 block of Market Street, an important piece of the Philadelphia office space market, is included in the redevelopment plan. Site prep work has already started on the project, which is more commonly known as the old Girard Square. Demolition for the first phase is planned for mid-October. Construction is expected to begin early next year. The project will add 650,000 square feet of Philly office space, Philly retail space and apartment housing to the city.
Prevailing market conditions, including those in the market for office space in Philadelphia, will drive later stages of the project both in terms of timing and how it will be redeveloped. Plans are for all of the structures on the city block bound by Market, Chestnut, 11th and 12th streets to eventually be either renovated or replaced.
The first phase of the project calls for construction of a 17-story tower with 160,000 square feet of Philly retail space and 322 apartment units, as well as renovation of the 200,000-square-foot family court building, which will feature Philly retail space at ground level and Philly office space on the floors above.
For more information about Philadelphia office space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm that specializes in office space in Philadelphia.
Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.
Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new office space in Philadelphia with the Philadelphia commercial properties that best meets their needs. As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals. If you are looking for Philadelphia office space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.
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