Yesterday was the big day for developer and President of The Goldenberg Group Ken Goldenberg, who presented the Pennsylvania Gaming Control Board with a video detailing the overall plan for the redevelopment of 8th & Market. As it currently sits, the undeveloped surface lot at 8th & Market is the definition of a missed opportunity, with passersby recalling the site's many failed proposals. Most memorable is the failed DisneyQuest amusement park plan from 1998, which would seem incredibly out of place in that location today.
It appears that the new partnership is much more enthusiastic, as Market8 partner David Adelman (who played a major role in the redevelopment of University City), labeled the project as an entertainment center "that happens to have a casino." Certainly a much more lucrative plan for the city than surface parking.
All this casino talk, paired with the ambition of separate developers like Goldenberg and Adelman means this project could really start to take shape. Throw in the North Broad revitalization plans of Eric Blumenfeld and Bart Blatstein and we just might be on the verge of a major development boom here in Philadelphia.
Here are a few key highlights from Goldenberg's video:
· The Market8 casino would be operated by Mohegan Sun, which recently opened
a massive casino at Pocono Downs
· Project will be financed with $150M from Market8 investors, $350M from Deutsche Bank
· Would create a sizable influx of construction and entertainment jobs
· Creates a massive opportunity for access via public transit and foot traffic, as the
site is the hub of SEPTA's Market-Frankford Line, and provides easy access to
the Broad-Ridge Spur, close proximity to Regional Rail and bus lines, along with PATCO traffic coming in from South Jersey.
· DOUBLE DOWN; Market8 Video [Philly.com]
· A Sign Law Spurs Investment in Philadelphia [New York Times]
· More Details About Goldenberg's Proposed Casino, Market8 [Curbed Philly]
— Zach Patten
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