$3.7M grant to help fund Chinatown tower project

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Eastern Tower Community Center in Philadelphia.

Natalie Kostelni

Reporter- Philadelphia Business Journal

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Eastern Tower Community Center in Chinatown has received a financial boost in the form of $3.7 million from the state.

The money, which will come in the form of an Economic Growth Initiative grant, will go toward Philadelphia Chinatown Development Corp's construction of the $75 million mixed-use building that is slated to go on a site at 10th and Vine streets in Philadelphia. The 23-story structure will total 227,000 square feet and include 144 apartments, offices, recreational and retail space as well as a parking garage. Once completed, it will become a significant anchor in the Chinatown community.

Earlier this year, the PCDC helped form an immigrant investor regional center to raise $33 million to fund a portion of the project. It also has a $42 million commitment from Citi Community Capital. The project received another $1 million from the William Penn Foundation and the Fund for Quality.

Construction is scheduled to begin early next year.

Natalie Kostelni covers real estate and economic development.