Pennsylvania is still in the middle of a record-long budget stalemate, which has caused schools, hospitals, and prisons to operate without proper funding for close to eight months. Also at a loss? Major development projects planned for Philadelphia.
Jacob Adelman of the Philadelphia Inquirer reports that these projects account for $460 million requested from the Redevelopment Assistance Capital Program (RACP), a grant program that helps fund transformative projects.
Here are five major projects—and there are a lot more—that have been held up as a result of the state budget impasse:
Reading Viaduct Rail Park
It's been a long time coming, and now it'll be even longer. Although the first portion of the rail park was scheduled to break ground this spring, $3.5 million are tied up in the state budget. In efforts to raise more funds, the Bacon Brothers put together a benefit concert for the project earlier this month.
SLS International Hotel & Residences
Carl Dranoff's luxury hotel planned for the corner of Broad and Spruce streets is relying on $20 million from the RACP. Dranoff told the Inky that he had hoped to begin construction this summer, but doesn't see that happening now. The project is a 47-story tower that's a mix of hotel units and condos. But Dranoff says if the funding doesn't come through, they may consider opting out of the hotel component.
Gallery at Market East
This $325 million re-development project of the Gallery at Market East is relying on $31.5 million from the RACP. PREIT's CEO Joseph Coradino told Adelman, "At a point, we're going to have to make a 'go' decision based on either having the money or not having the money, and that will help to define the project." The project was expected to be completed by 2017.
3.0 University Place
According to a 2015 document of RACP submissions, University Place Associates, LLC, the developers of 3.0 University Place, requested $6.4 million for the six-story LEED Platinum office and retail building. The expected completion date was this summer.
Chinatown Community Center
In November 2015 we reported that this $76 million mixed-use project would break ground this year. However, the Philadelphia Chinatown Development Corporation requested $3,990,000 from the RACP for the mixed-use project at 10th and Vine streets. The project will be a mix of retail, office, and mixed-use space, as well as 150 units of housing.
- Budget stalemate puts damper on developers' plans for Phila. [PI]
- Update: 4 Developments That Will Change Center City [Curbed Philly]
- When Will Construction Begin on SLS International? [Curbed Philly]
- Viaduct Rail Project May Break Ground This Spring [Curbed Philly]
- When Will Chinatown Community Center Break Ground? [Curbed Philly]