First up in the standing room only hearing before the Pennsylvania Gaming Control Board, developer Ken Goldenberg played up the location of Market8, its proximity to transit and the local nature of the investors.
“We are the home team,” Goldenberg said.
In what is sure to be a standard feature today the Market8 team promoted their project in a 10 minute video.
Some of the details:
- financing will include $150 m from the Market8 investor group; $350 m in debt from Deutsche Bank.
- building will feature a reflective skin. Says Andrea Steele of Ten Arquitectos, “a living skin to reflect the movement to and from this site.”
- Market8 will be an entertainment center “that happens to have a casino,” says partner David Adelman, president of Campus Apartments.”
Goldenberg, whose company co-owns the land for the project with the Pennsylvania Real Estate Investment Trust, said he’s had other ideas and opportunities for the land but held off because of his “trenchant commitment” to come up with a project that would deliver “the full transformative potential of this property.”
Building would have four levels of underground parking. Goldenberg said during evening rush, the increased traffic to the casino would only create a “10 second delay at any intersection.”