The long-awaited 20-story Eastern Tower Community Center just secured a $22.5 million construction loan, just as the site itself at 10th and Vine begins to show some signs of life.
Citizens Bank announced today that it has provided developer Philadelphia Chinatown Development Corporation (PCDC) with the multi-million dollar construction financing for the project. The $22.5 million sum is the largest loan involved in the financing of the project.
Just last month PCDC announced that total funding had been secured for the $76 million project, giving general contractor Hunter Roberts the green light to begin construction.
A recent visit to the site on Monday revealed construction equipment already at work on the site. A fence now surrounds the lot and the parking lot itself has been torn up, making space for the future tower.
The announcement also revealed a few more key details about the Eastern Tower Community Center, which has been in the works since 2011. There will be:
- 147 market-rate apartments
- Three affordable units
- 44,200-square-feet of commercial and retail space, including a 17,000-square-foot community center
Although it’s clear that construction has begun at the site, an official groundbreaking is expected to take place this fall.