PHILADELPHIA | Chinatown Eastern Tower | 252 FT | 21 FLOORS - Page 12

boxbot · #**221** Posted **Jan 13, 2017, 4:54 AM**

Quote:

Originally Posted by iheartphilly

Multiple moving target start dates for construction diminishes one's credibility of actually getting it developed.

Please keep SLS International comments in the appropriate thread.

iheartphilly · #**222** Posted **Jan 13, 2017, 5:06 AM**

Quote:

Originally Posted by boxbot

Please keep SLS International comments in the appropriate thread.

My comment is intended for the Eastern Tower and not SLS. SLS has never had a start date if I recall correctly, only presented a proposal.

jjv007 · #**223** Posted **Jan 13, 2017, 5:59 AM**

Quote:

Originally Posted by iheartphilly

My comment is intended for the Eastern Tower and not SLS. SLS has never had a start date if I recall correctly, only presented a proposal.

He was trying to be funny lol.

iheartphilly · #**224** Posted **Jan 13, 2017, 12:43 PM**

Quote:

Originally Posted by jjv007

He was trying to be funny lol.

Big lol.

Knight Hospitaller · #**225** Posted **Jan 13, 2017, 3:19 PM**

Quote:

Originally Posted by jjv007

He was trying to be funny lol.

But what has that to do with the price of tea in China?

1487 · #**226** Posted **Feb 22, 2017, 7:38 PM**

predictably- more bad news

http://philly.curbed.com/2017/2/22/1...groundbreaking

summersm343 · #**227** Posted **Feb 22, 2017, 7:41 PM**

Eastern Tower Community Center still waits to break ground

Quote:

The 23-story tower was supposed to break ground before the end of 2016, after the project received $1.3 million from the Redevelopment Assistance Capital Program (RACP) in October.

But a recent visit to the site at 1001 Vine Street revealed a nearly full parking lot, and no signs of construction.

Sarah Yeung, director of planning for the Philadelphia Chinatown Development Corporation, told Curbed Philly that they had no update on the groundbreaking and that their lawyers are still finalizing the $76 million project’s finances.

Meanwhile, a construction permit for the building is still active with Licenses & Inspections, according to public records. The permit calls for a 21-story tower versus 23.

The Eastern Tower Community Center at 10th and Vine streets has been floating around since 2008. The current plan is for the center to include 21,000 square feet of office space, 8,700 square feet of retail space, 17,000 square feet of recreation and event space, and 150 residential units.

When the project does break ground, construction is estimated to take about one year. Stay tuned.

http://philly.curbed.com/2017/2/22/1...groundbreaking

SJPhillyBoy · #**228** Posted **Apr 27, 2017, 10:00 AM**

If this building does not start construction soon, does it get its RACP grant taken away after a certain time period.

summersm343 · #**229** Posted **Apr 28, 2017, 1:23 AM**

Still a Spring 2017 start date for this according to the Center City District report:
http://centercityphila.org/uploads/a...2017-final.pdf

Daario · #**230** Posted **Apr 28, 2017, 4:06 AM**

Well we're a good ways into Spring. They better start fast.

1487 · #**231** Posted **Apr 28, 2017, 12:08 PM**

Quote:

Originally Posted by summersm343

Still a Spring 2017 start date for this according to the Center City District report:
http://centercityphila.org/uploads/a...2017-final.pdf

I think in many cases they simply insert the last publicly known info on these projects. The only case where it appears they got inside info was on the 1910 chestnut project.

Urbanthusiat · #**232** Posted **Jul 27, 2017, 6:38 PM**

Financing secured, Eastern Tower to move forward

https://www.bizjournals.com/philadel...atown-cre.html

It's subscriber content. Anyone got the scoop? The rendering on their website does appear to be updated.

Londonee · #**233** Posted **Jul 27, 2017, 6:53 PM**

^^^Wow, heard ice-skating suddenly just became popular in Hell. Good for them, though.

thisisforreal · #**234** Posted **Jul 27, 2017, 7:01 PM**

Quote:

Originally Posted by Londonee

^^^Wow, heard ice-skating suddenly just became popular in Hell. Good for them, though.

Yeah, I was thinking to myself "who is the numnut that bumped this thread to the top again" only to find myself as surprised as a guest at the red wedding.

El Duderino · #**235** Posted **Jul 27, 2017, 7:36 PM**

this would (will?!) be an awesome addition to the area. this would go well with the equal justice center in the same vicinity.

summersm343 · #**236** Posted **Jul 27, 2017, 10:01 PM**

Financing secured, Eastern Tower to move forward

Quote:

The Philadelphia Chinatown Development Corp. said it has closed on $75 million financing and will commence construction of Eastern Tower, a 20-story, 200,000-square-foot mixed-use project at 10th and Vine streets in Philadelphia.

The project is being developed by PCDC and JNA Capital Inc.

Eastern Tower will be the largest project to be built in Chinatown and the biggest to be developed by a community-based nonprofit in Philadelphia. It will be constructed over the next 26 months. Hunter Roberts is the construction company.

The project has been in the works since 2011 and is a signature development that will establish a new anchor for the community. PCDC worked over the last six years to secure financing for the project and was able to line up several sources of funding for it.

For example, it received: $1.3 million from Pennsylvania’s Redevelopment Assistance Capital Program; $42 million in senior debt from two banks; $33 million in so-called EB-5 funds; $1 million from the William Penn Foundation; and an earlier commitment of $3.7 million from the state as well as New Market Tax Credits that will go toward building the project.

The building will sit on three parcels totaling nearly a half-acre at 10th and Vine streets. It will have 150 apartments, 18,000 square feet of office space, 17,000 square feet of community space, as well as room for an early childhood learning center. It will also have 30,000 square feet of retail and commercial space.

It has long been the vision of the leaders in Chinatown to push development north of Vine Street, which literally bisected the community. It is hoped that Eastern Tower will attract more activity in that direction.

“Eastern Tower will finally drive the growth of Chinatown north of the Vine Street expressway and support the revitalization of the 10th Street commercial corridor," said John Chin, executive director of PCDC in a statement.

https://www.bizjournals.com/philadel...atown-cre.html

summersm343 · #**237** Posted **Jul 27, 2017, 10:03 PM**

Finally! This is going to be huge for the area. Glad this is finally moving forward. Now we just need to get Vine Street capped

Knight Hospitaller · #**238** Posted **Jul 27, 2017, 10:07 PM**

[relocated comment to different thread]

Mr Saturn64 · #**239** Posted **Jul 28, 2017, 3:11 PM**

Wow. How long has it been on this one? Several years? That's incredibly long, especially for one that may be breaking ground soon.

iheartphilly · #**240** Posted **Jul 28, 2017, 3:36 PM**

Quote:

Originally Posted by Mr Saturn64

Wow. How long has it been on this one? Several years? That's incredibly long, especially for one that may be breaking ground soon.

Is that a "definite maybe?" LOL. When I first saw the news break, I thought to myself, well this project is back from the dead.