Philadelphia's East Market development just got another big boost. Nestled in between bustling, historic Old City, Reading Terminal Market, Chinatown and Washington Square West, this commercial district has been targeted by planners and developers alike, looking to add vibrant retail and increase the number of residential units, resulting in a 24-7 neighborhood.
Now Governor Corbett has announced $2.5 million in additional funding, bringing the state's total investment to $10 million. The Economic Growth Initiative grant will go towards the redevelopment of the four-acre site. The huge project will transform the area with a combination of office space, pedestrian-oriented retail space, parking and residences. The City of Philadelphia is also committing $4 million for street, utility and sidewalk improvements in the area.
“East Market will serve as the catalyst to reinvigorate the heart of Center City Philadelphia,” said Corbett in a release. “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.”
The funding will help support the project's first phase, estimated to cost $230 million. 1100 Market Street will become a new mixed-use development housing 107,000 square feet of retail (with frontage on Market Street) and 322 residential units. There will also be parking for 201 cars. 34 South 11th Street, former home of Family Court, will also be tackled during the first phase. The 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.
Curbed Philly has renderings of the massive endeavor.
And that's not the only change coming to this area — the neighborhood's transit hub, Market East, has been renamed Jefferson Station.
LEE STABERT is managing editor of Flying Kite Media and Keystone Edge.