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  #21  
Old Posted Jul 12, 2013, 4:23 AM
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Hope it happens, but I am not holding my breath on this one. The proposed financing structure appears to have many moving parts, which increases the likelihood of delays or worse.

The design, interesting as it is, strikes me as a bit fussy and probably unnecessarily expensive for something that requires so many subsidies and incentives. Perhaps the developers could simplify the design and reduce costs to make the project more affordable and more feasible.
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  #22  
Old Posted Nov 3, 2013, 12:19 AM
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  #23  
Old Posted Nov 3, 2013, 5:26 PM
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I love that new render, and I seriously hope this project does get built. That being said, the article doesn't mention much about financing. From the brief mention of incentives for foreign investors in the project, it sounds like they don't have all the financing they need to make this happen. But from an earlier article:

Quote:
Toy indicated that PCDC is aiming to have funding for the Eastern Tower in place by fourth quarter 2013
link

Like I said, I would love for this project to happen. It would be great for the community and the design is terrific. But I'm not going to hold my breath.
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  #24  
Old Posted Nov 3, 2013, 6:03 PM
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loves it!
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  #25  
Old Posted Nov 3, 2013, 8:41 PM
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Looks great! Hopefully it gets off the ground....
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  #26  
Old Posted Jan 29, 2014, 4:58 PM
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Just a few thought I've had put into a rendering.....

The PCDC and future skyline with a elevated trail connecting the Viaduct to Franklin Square (potentially the Delaware River) running along, what I call, "The Great Wall of Chinatown"



https://drive.google.com/file/d/0B1M...it?usp=sharing
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  #27  
Old Posted Jan 29, 2014, 5:09 PM
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A great wall of china town would be cool as hell, especially if they made it look like the great wall.
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  #28  
Old Posted Jan 29, 2014, 5:16 PM
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Thanks!

This is the overall concept that "Great Wall" section would fit into

https://drive.google.com/file/d/0B1M...it?usp=sharing
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  #29  
Old Posted Jan 29, 2014, 6:50 PM
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Hopefully the exterior lighting will be similar to the skyscrapers in China.
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  #30  
Old Posted Jan 29, 2014, 8:01 PM
eliasrapp98 eliasrapp98 is offline
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Is this a definite go?
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  #31  
Old Posted Feb 3, 2014, 7:07 PM
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Quote:
Originally Posted by eliasrapp98 View Post
Is this a definite go?
There is more information on here:

http://www.chinatown-pcdc.org/commun...ter/index.html

I'm trying to remain hopeful, but it just doesn't look like a serious proposal at this point.
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  #32  
Old Posted Feb 3, 2014, 7:16 PM
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It looks so china-y. I love it.
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  #33  
Old Posted Feb 3, 2014, 7:18 PM
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Quote:
Originally Posted by Austinlee View Post
It looks so china-y. I love it.
Especially with some of the changes the PCDC made to the rendering...

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  #34  
Old Posted Feb 3, 2014, 7:32 PM
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Funding

Just read in the PCDC newsletter they send out every month, the January 2014 edition mentioned the Eastern Tower had received some funding recently. I will need to go back and read the newsletter to find out exactly what it was, but they did mention this project. I'll post it once I get the newsletter tomorrow.
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  #35  
Old Posted Feb 3, 2014, 9:28 PM
mmikeyphilly mmikeyphilly is offline
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Quote:
Originally Posted by Mappy View Post
Just a few thought I've had put into a rendering.....

The PCDC and future skyline with a elevated trail connecting the Viaduct to Franklin Square (potentially the Delaware River) running along, what I call, "The Great Wall of Chinatown"



https://drive.google.com/file/d/0B1M...it?usp=sharing
OOOH, For some reason I pictured this project to be on the other side(south side) of the expressway. Now when I look at the revised rendering, which looks good. and the Google mock up from Mappy. (nice job too!) Now that I see the address(1001). The low numbers (01) start in the beginning. I should have figured it out since I delivered Pizzas for 10 years, so I should have known better! Since this is a revised rendering, did it gain any height? Does anyone know what is the official height? The thread header says 282 ft. But it looks a little taller. I could be wrong (again!) I really hope this gets built . It will expand the skyline on the east side, and FMC's tower (which looks spectacular) on the west side.
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  #36  
Old Posted Feb 19, 2014, 5:58 PM
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Article on this posted by sayitaintso in the Philly Thread:

http://www.bizjournals.com/philadelp...ng-source.html

Quote:
Philadelphia Chinatown Development Corp. has helped form an immigrant investor regional center that will seek to raise $32.5 million to fund its Eastern Tower Community Center in Chinatown.

The 23-story mixed-use development at 10th and Vine streets will cost a total of $70 million and other funding has already been lined up.
...


...
The PCDC project has roughly $2 million more to raise in grants and other funding sources. It looks to break ground this summer on the development and complete it by 2016.
Hmm, If I'm reading this correctly, they actually have most of the funding in place for this. The numbers quoted in the article don't really make sense (they have 2 million left to raise but are seeking 32 mill?) But either way, it sounds as though they have decent amount of funding secured. I thought this had about a 5% chance of happening before, but now it seems a lot more likely. It's a cool proposal, so I hope they manage to pull through. I'll be thrilled if they actually do manage to break ground this summer.
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  #37  
Old Posted Feb 19, 2014, 9:26 PM
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Quote:
Originally Posted by Insoluble View Post

Hmm, If I'm reading this correctly, they actually have most of the funding in place for this. The numbers quoted in the article don't really make sense (they have 2 million left to raise but are seeking 32 mill?) But either way, it sounds as though they have decent amount of funding secured. I thought this had about a 5% chance of happening before, but now it seems a lot more likely. It's a cool proposal, so I hope they manage to pull through. I'll be thrilled if they actually do manage to break ground this summer.
Nice! I'm really rooting for this one! We need more towers north of Vine, especially in the Loft District/Callowhill!
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  #38  
Old Posted Feb 20, 2014, 8:38 PM
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More about this today:
Quote:
Foreign investors sought for planned Chinatown North tower

THE PHILADELPHIA Chinatown Development Corp. announced a new partnership yesterday to help it finance a towering community center and apartment building that would change the landscape of Chinatown North.

The partnership with the Global City Regional Center, an entity created last year, is seeking foreign investors - from China, India, Bangladesh and other countries - to invest nearly half of the $75 million project.

Project leaders said yesterday that they plan to raise $33 million of the total cost through the federal EB-5 immigrant-visa program, which would allow qualified foreign investors to come to the U.S.

With the funding, PCDC aims to build its flagship Eastern Tower Community Center at the northwest corner of 10th and Vine streets, now the site of a parking lot.

The 23-story building would house retail stores, a community center, a gymnasium, a health center, a preschool, offices and 143 apartments - 31 of which will be subsidized by PCDC.

"Affordable housing is part of this project," John Chin, PCDC executive director, said at a news conference. "We have the recreation center. We're actually extending the 10th Street commercial corridor beyond Vine Street. And it increases the residential base in Chinatown."

Andy Toy, the project's managing director at PCDC, said he believes the $75 million project is the largest community-development project ever in Philadelphia serving the needs of poor and low-income residents.

Ahsan Nasratullah, CEO of the Global City Regional Center, said foreign investors would need to put up $500,000 each. Under the EB-5 program, administered by U.S. Citizenship and Immigration Services (USCIS), the investor could then obtain a conditional green card to live here with his or her family (including a spouse and dependent children) for up to two years.

The investment needs to create or preserve at least 10 jobs for U.S. workers within two years of the person's admission into the U.S. If successful, the person and his or her family could then apply to remain here permanently.

To raise $33 million, Nasratullah said, 66 investors are needed. So far, five possible investors are actively considering financing the project, since the center's website (globalcityeb5.us) went up a week ago, he said.

He hopes to secure financing for the project over the summer. From there, construction of the Eastern Tower building could begin this fall. The tower is estimated to take two years to complete.

Nasratullah and his wife, who are from Bangladesh, have connections there and in India.

PCDC is a limited partner in the Global City Regional Center, one of 440 such centers across the nation approved by USCIS.

The EB-5 program has its critics. Some say it's a way for rich foreigners to buy their way into the U.S.

To that, the Rev. Thomas Betz, board chairman of PCDC, said, "There ought to be a way for all people of the economic spectrum to come here if they can produce something for our country that's going to be valuable."



http://www.philly.com/philly/news/20...rth_tower.html
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  #39  
Old Posted Feb 21, 2014, 2:01 PM
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I think I get what's going on with their funding better now. It sounds like they already have about $40mil of funding accounted for. Their hoping to raise another $33 mil through this program, and with 5 potential candidates out of 66 in the first week it may take at least a full quarter for them to secure that. On top of that it sounds like they still need another $2 mill to make this happen.

Given all that I'm not to confident about them breaking ground over the summer 2014. Toy was last on record saying they wanted to begin last quarter of 2013, so I'm reluctant believe his predictions. It sounds like this is over halfway financed though and I'm really hoping this works out. It's a terrific project and will really help with the momentum north of Vine Street.
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  #40  
Old Posted Apr 22, 2014, 2:37 AM
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