Friday, November 11, 2011

Chinatown proposes a $70 million, 23-floor building for 10th and Vine Streets

by Natalie Kostelni
Full story:

"Philadelphia Chinatown Development Corp. is seeking to build a $70 million, 23-story mixed-use tower at 10th and Vine streets that would create a flagship structure in Chinatown and push the future direction of the neighborhood north.

The building, called the Eastern Tower, would total 227,000 square feet and include 144 apartments, offices, recreational and retail spaces as well as a parking garage.

“It’s been a long time in the works, and we’re pretty excited about the progress we made this year,” said John Chin, executive director of PCDC.

The building would sit on three parcels totaling nearly a half-acre that Chin’s organization acquired this year. It has done initial site work and is scheduled to go before the Philadelphis Zoning Board of Adjustment Nov. 16.
“During the last decade, Philadelphia experienced a significant migration of Chinese-Americans relocating from New York to Northeast and South Philadelphia because Philadelphia is more affordable,” Chin said.
PCDC will seek out New Market Tax Credit funding to finance the project as well as arrange a loan for roughly 15 percent of it."

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.