From Center City District Report:
EASTERN TOWER COMMUNITY CENTER
DEVELOPER:
Philadelphia Chinatown Development Corporation
(PCDC) and JNA Capital, Inc.
LOCATION:
300 North 10th Street
SIZE:
195,000 sf
RESIDENTIAL UNITS:
150
START DATE:
Spring 2016
COMPLETION DATE:
2017
STATUS:
Announced
INVESTMENT:
$76 Million
DESCRIPTION:
PCDC has helped form an immigrant investor Regional Center that will raise $33 million to fund its Eastern Tower
Community Center in Chinatown. The Regional Center is part
of the EB-5 program. Administered through the United States
Citizenship and Immigration Services (USCIS), the program is
designed to attract foreign investment in projects that promote
economic growth and job creation. The remainder of the funding
for the 23-story, mixed-use development consists of $23 million
in New Market Tax Credits and a loan commitment from Citibank, as well as a combination of private equity and grants. The
project will include 150 apartments, offices, and retail space, as
well as a recreation/event space for the community.
http://www.centercityphila.org/docs/...pments2016.pdf