State, city increase subsidy to Market St. developers

Pennsylvania has committed another $2.5 million in Redevelopment Assistance Capital Program (RACP) funds and the City of Philadelphia has added $4 million in city funds to give a group of developers planning East Market, a $230 million redevelopment of the 1100 block of Market Street in Center City Philadelphia, Gov. Tom Corbett's office said in a statement. East Market was already in line for $7.5 milllion in state RACP funds, matching grants awarded after a project is finished.

Site prep work has already begun, with demolition now slated for mid-October and construction to begin early next year. Later stages of the project will replace or renovate other structures all the way to Chestnut St.

East Market, on land owned by the Board of City Trusts and the Girard Estate, which funds Girard College, is being built by Washington-based National Real Estate Development Co., which invests for the International Brotherhood of Electrical Workers and other labor unions. Girard Estate has leased the land for the project to a group of investorsincluding National Real Estate Development, Joss Realty Partners, Young Capital and SSH Real Estate.