Want to read some mind-boggling numbers? Apparently, 78 development projects in the Philadelphia area asked for a whopping $341 million in state funding through the Redevelopment Assistance Capital Program (RACP), according to the Philadelphia Business Journal. So far, only 10 of those projects have received funding to the tune of $27.4 million. Over one third of that amount ($10 million) was given to Liberty Property Trust for the construction of the Comcast Innovation and Technology Center, which will ultimately cost $1.6 billion to build. Overall, the state has seen requests from 287 projects seeking over $1 trillion in funding thus far.
The report shed some light on the development boom that Philadelphia is experiencing. As Natalie Kostelni from PBJ reports,
"Philadelphia not only has the largest concentration of projects seeking these funds, it also has the most money being sought. Allegheny County falls a distant second with a total of 44 projects looking for $169.2 million."
RACP is expected to dish out a total of $125 million in state funds this year. How does a project even begin to prove that these funds are needed? "Those filing to receive funding must present a detailed plan that shows, among other things, how a project will further economic activity and vitality of a community, create jobs and wages, and generate tax revenues." Among the notables receiving funds include $5 million for the new Dietz & Watson project at the Frankford Arsenal and $2.5 million for the enormous East Market project at 11th and Market St., whose projects will cost $50 million and $250 million (phase one), respectively.
The FMC Tower seeks $7 million for their 49-story, 650 foot tall bookend project at Cira Centre South and Urban Outfitter is looking for $15 million in funds to continue their redevelopment of the Navy Yard.
· Nearly 80 Philadelphia-based developments seek $341M in state funds, says report [Philadelphia Business Journal]