Posted Aug 7, 2019, 2:22 PM
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Join Date: Jul 2014
Posts: 770
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Quote:
Originally Posted by cardeza
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Aramark, Venice Innovation Island among Phila. projects receiving $56M in state funds
https://www.bizjournals.com/philadel...ong-phila.html
Quote:
Philadelphia was the big winner when it came to the most recent round of funding from Pennsylvania’s Redevelopment Assistance Capital Program with 34 projects receiving a total of $55.7 million.
The amount is just a fraction of the nearly $500 million in state funds that was sought by developers, museums, universities and other entities to give their Philadelphia projects a financial boost. In all, 101 projects in Philadelphia had applied to receive RACP funding.
RACP is a discretionary fund Pennsylvania’s governor has at his disposal to help support developments throughout the state. Governors typically will allot money for projects that will spur additional economic development activity. Not every project that applies for RACP money will receive funding and those that do receive the grants don’t always receive the full amount requested.
That wasn’t the case for Aramark Corp., which received the full $8.5 million it wanted for relocating in 2018 its headquarters to 2400 Market St. from 1101 Market St. in Philadelphia. Other projects in Philadelphia that received significant funding include:
The Merriam Theater received $4 million to restore seven floors of the building at 250 S. Broad St. that houses the theatre;
E. Smith Properties, a Dallas real estate company led by former Cowboys running back Emmitt Smith, received $4 million to transform a 31-acre former paper plant in the Manayunk section of Philadelphia into what it is calling the Venice Innovation Island. Last year, it received $1 million in RACP funds for the redevelopment that includes the adaptive re-use of nearly 500,000 square feet of existing space, new construction of several commercial buildings including apartments and public access to two miles of Schuylkill River waterfront;
Rhoads Industries received $3 million to renovate building No. 57 at the Philadelphia Navy Yard as a space to manufacture components for ships and submarines;
Ensemble Real Estate Investments received $2 million to convert a former barracks at the Navy Yard into a 230-key hotel that will also involve expanding the 120,000-square-foot building by 88,500 square feet. The hotel will feature an 8,500-square-foot restaurant along with 10,800 square feet of meeting space; and
Peebles Corp. received $2 million to help in the renovation and conversion of the former Family Court Building at 1801 Vine St. in Philadelphia into a hotel;
While projects in other counties received a smattering of funding, Sora West, a development underway in Conshohocken in Montgomery County, and AmerisourceBergen Corp. came out with a total of $10 million in RACP money. AmerisourceBergen Corp. will relocate its headquarters into Sora West, a $325 million mixed-use project Keystone Property Group is developing.
The company, now located in Chesterbrook Corporate Center, received $8 million for its eventual move into a 429,000-square-foot office building that Keystone is developing on Fayette Street at Elm Street as part of Sora West. In addition to office space, the project will include a 160-room hotel, retail space, an outdoor plaza and the conversion of an historic fire house into a restaurant. An entity affiliated with Keystone received $2 million of $16 million that was requested for the development of a 1,505-space parking structure that is part of the Sora West.
Lastly, King of Prussia District received $1 million to support the second phase of the 2.6-mile First Avenue linear park that is running through Moore Park in King of Prussia.
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It's enraging that the two Fortune 500 companies received the most money.
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