The capping of I-95 between Chestnut and Walnut streets is inching closer to its $225 million goal.
PennDOT and the William Penn Foundation have agreed to put $100 million and $15 million, respectively, toward the capping of I-95 with an 11-acre park. The announcements came hours after Mayor Jim Kenney delivered his budget address to City Council earlier today, when he pledged $90 million toward the capping.
Billy Penn reported this afternoon that PennDOT plans to commit $100 million to the capping project. The article also clarified that $10 million of the $225 million had already been put toward the feasibility study that began in 2016.
That means just $10 million more is needed to fund the project.
The William Penn Foundation also released a statement late this afternoon that it would support the project with up to $15 million. The foundation has been invested in the revitalization of the Delaware River waterfront since talks began in 2007. It helped fund the civic engagement process that ultimately led to Race Street Pier, Washington Avenue Green, and Pier 68 Recreation Park.
“There is more work to be done before we reach the finish line,” said Shawn McCaney, executive director of the William Penn Foundation, in a statement. “We will support DRWC in its efforts to fill the remaining fundraising gap and invite other partners to join us at the table.”
- Mayor Kenney to propose $90M for I-95 capping [Curbed Philly]
- Update: The I-95 park cap project is just $10 million away [Billy Penn]
- $10M Study Announced to Cover I-95 Around Penn's Landing [Curbed Philly]