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.
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