an extra year of fundraising has chinatown's eastern tower poised for construction
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About a year ago, we looked in on philadelphia chinatown development corporation’s (pcdc) planned eastern tower, a 20-story mixed-use residential/retail/community services building at the northwest corner of 10th and vine streets. (yup, that's in the heart of our next on the ground neighborhood.) this was just after the organization had nabbed a $3.7 million pennsylvania economic initiative grant, which pcdc capacity and projects manager sarah yeung says helped to kick off some excellent financial and community momentum for the development.
"we had initially thought that we wanted to break ground in the beginning of [2015], but we actually spent the bulk of this year strengthening our position financially," explains yeung. The last several months have brought significant contributions from peco and comcast, as major public and private funders took notice of the project’s traction.
After funding from the william penn foundation allowed the nonprofit pcdc to set up a regional center for project investors, the foundation gave an additional grant of $700,000 towards outfitting the community center portion of the building, which brought foundation gifts to a total of $900,000 in just the last quarter. The philadelphia suns -- who will be the primary users of the eastern tower community center -- raised $15,000 at their latest banquet. The cdc also received a $500,000 grant from the commerce department late last year.
All in all, the projected budget for the new center now stands at $77 million.
Eastern tower has been a long time coming. The vision for the massive new vine street hub got started in 2004. Fundraising started in earnest in 2011. The complex (from the architects at studio agoos lovera) aims to house the city’s most diverse range of community offerings under one roof: Residential units, a daycare center, a community center, a pharmacy, a restaurant, a doctor’s office and more.
"from an outsider’s perspective, it looks like we threw the kitchen sink in, but this is a very strategic project for us," says yeung of targeting much-needed services in the area. "it’s about equitable development in chinatown north/callowhill," a neighborhood with plenty of private development bumping up against ongoing issues of poverty, blight and lack of services for the local immigrant community.
Yeung says final closing on all the project’s financing will be accomplished by next month, and the contract for construction manager hunter roberts is ready to go. Funding is at 100 percent and construction should commence early next year.
"we’re as ready as can be," she enthuses. "we can’t be more ready. It’s a really exciting time for us. It’s been a long process and a huge team effort...on a city level, it’s going to be quite a significant project."
http://www.flyingkitemedia.com/devne...wer111015.aspx
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