PHILADELPHIA | Chinatown Eastern Tower | 252 FT | 21 FLOORS

[summersm343]

Title: Chinatown Eastern Tower Community Center
Project: 144 Rental Units, 15,000 sqft of Office Space, 12,000 sqft of Retail Space, 46 car garage, community center, recreation center
Architect: KlingStubbins
Developer: PCDC/ Teras Holdings
Location: 1001 Vine St., Philadelphia, PA
Neighborhood: Chinatown North
District: Center City
Floors: 21
Height: 252 ft

The Philadelphia Chinatown Development Corporation plans to build a 24-story, 282-foot-high residential and office tower, with a community center on the ground floor, on two parcels at the northwest corner of Vine and 10th streets. The communities strong desire for a community center prompted the project, but constructing a stand-alone center proved prohibitive, therefore the PCDC joined with private developer Teres Holdings to iron out a more solid economic plan.

Floors 1 and 2 will be the community center, floors 3-5 will be office space and floors 6-21 will be residential. There will also be a parking garage... possibly located underground?

[josef]

I super dig it. And I love that it'll help build up the north of Vine stock of tall buildings.

[summersm343]

I agree, a lot of good things are happening in Callowhill/ Chinatown North. I can't wait to see this area grow.

[caltrane74]

That's a nice looking design! - very modern.

[summersm343]

This tower is one step closer to being built.

http://planphilly.com/news/notebook/...-10th-and-vine

[summersm343]

http://www.philly.com/philly/news/20...tml?page=1&c=y

Article posted today about the tower. PCDC is getting funding together currently. Article says they would like to see construction start this year on the tower.

[christof]

Originally Posted by summersm343

http://www.philly.com/philly/news/20...tml?page=1&c=y

Article posted today about the tower. PCDC is getting funding together currently. Article says they would like to see construction start this year on the tower.

I'll believe that they have funding when construction starts. Sadly, I don't think it will be happening anytime soon.

[summersm343]

Some news on this today.

It's approved by the planning commission.

PCDC's goal is to start construction next year.

The building will be 23 floors high, have 15,000 square feet of office space, 12,000 square feet of retail space, a Chinatown Community Center, 144 rental units and a small 46 car garage.

A recreation center within the community center will include a gym, a play area with a pool table, a basketball court and a volleyball court.

http://planphilly.com/chinatown-new-...inancing-stage

Hopefully this along with the redevelopment of the Reading Viaduct into a park will help spur more development in this area.

[summersm343]

Posted by the PCDC



http://www.behance.net/gallery/PCDC-...Rising/3107891

[giantSwan]

nice looking project! this will be huge for the neighborhood. congrats philly

[summersm343]

Originally Posted by giantSwan

nice looking project! this will be huge for the neighborhood. congrats philly

Agreed... this neighborhood (Callowhill) is starting to see a lot of investment finally. I hope the Reading Viaduct Park comes to fruition because it will bring even more investment to the area.

[summersm343]

Article on this today from Igna

http://www.philly.com/philly/busines...Chinatown.html

[summersm343]

Looks like this will be 24 floors at 282 feet.

A bunch of plans and renders can be found here

http://www.designadvocacy.org/sites/...-12-01_dag.pdf

[wanderer34]

Hopefully this comes to real fruition as the Chinese Community in Philadelphia grows!!!!!

[Flyers2001]

Originally Posted by wanderer34

Hopefully this comes to real fruition as the Chinese Community in Philadelphia grows!!!!!

It should be noted:

http://www.philly.com/philly/blogs/c...in-Philly.html

[summersm343]

Article on this today:

http://hiddencityphila.org/2013/04/a...inatown-north/

[Londonee]

Originally Posted by summersm343

Article on this today:

http://hiddencityphila.org/2013/04/a...inatown-north/

I hate to be negative nancy, but i give this project about a 5% chance of happening. How long has this project, or a derivative project, been in the "planning" stage? What are they planning exactly? Arent "plans" without any hope of execution just simply dreams? As Inga wrote last week in her column on the casinos, she can't review a "mirage" --i kinda feel the same way about reviewing pipe dreams.

I wonder if the never-ending planning for this tower is a nice justification for the PCDC and their questionable track record of doing anything. According to their own website, they haven't had an "accomplishment" in 6 years. http://chinatown-pcdc.org/about/accomplishment/

[Insoluble]

I agree that this is looking less and less likely as time goes by, but I'm not ready to give up on it completely. from the Hidden City article summersm linked to:

Toy indicated that PCDC is aiming to have funding for the Eastern Tower in place by fourth quarter 2013, with two years of construction to follow.

It's reasonable to believe that the main thing holding this up is funding. It seems to have gotten all sorts of approval. That being said, I have no idea how they're going to be able to fund this given the desire to make part of it affordable housing and dedicate a bunch of space to things like the community center which won't generate any profit. I hope it get's built, but if we don't have full funding and site prep by the end of Q4 I'm willing to call it dead.

[summersm343]

The Philadelphia Chinatown Development Corporation says it will pull building permits and begin construction on the Eastern Tower, a 23-story mixed-use apartment complex and community center at 10th and Vine streets, in the next six to nine months. The group held a meeting Tuesday night at the Chinese Christian Church & Center one block west of the site of the proposed project to update Chinatown residents on the progress of the development.

The building will contain 143 residential units, 31 of which will be affordable for “moderate income” households earning up to 80 percent of Area Median Income, according to PCDC. The building is being designed by architectural firm KlingStubbins and Lisa Armstrong of A K Architecture.

Thomas Betz, pastor at Holy Redeemer Chinese Catholic Church and president of PCDC, opened the meeting by saying that the Eastern Tower project--which is “really about to happen”--will help build a bridge for the Chinatown community across the Vine Street expressway. PCDC director John Chin said the project will be a new landmark for the growing Chinatown North community, and will help to “protect its boundaries, promote the neighborhood, and preserve its cultural identity.”

The developers are still rounding up funding for the project, which is estimated to cost $71 million to build. Of that, Citibank is committing $42 million in tax credit funding, according Ahsan Nasratullah of JNA Capital, a real estate financing firm that is working with PCDC on the Eastern Tower project. Another $10 million will come from a series of smaller grants from PCDC itself, the Commerce Department, and, developers hope, a $5 million RACP grant from the state.

Nasratullah also said the team is seeking $22 million to $32 million through the federal “EB-5 Immigrant Investor” program. Under that program, foreign investors can be given a Green Card for permanent residence by investing at least $500,000 in a new commercial enterprise in the United States.

http://planphilly.com/articles/2013/...-by-year-s-end

[Flyers2001]

Great News. A nice size building north of Vine. Love the gradual expansion.