PHILADELPHIA, PA – November 15, 2019 – Today Senator Street announced $945,400 in state grant funding which has been approved for projects in North Philadelphia. Funding was approved for the North Station District LLC, Sharswood Partners, LLC and 3701 N. Broad LLC.
3701 N. Broad LLC received $477,400, additional funding for development of the Beury Building into a hotel, located along Broad and Erie Streets, which previously received $2 Million in RACP grants.
The Sharswood development on Ridge Avenue received $400K which brings total funds to over $1.2 Million having previously received $750K in RACP funding. Revitalization for the corridor includes a grocery store, urgent care/adult daycare center, and 63 residential rental units between 80-120% AMI.
The North Station District received 68K, additional to $2.5M in 2017 RACP grants in efforts to redevelop the North Station Transit neighborhood into 1.7 million square feet of offices, research labs and homes which would include a refurbished historic Amtrak station into a new urban center and transportation hub.
Senator Street shared the source of the approved funding was the Commonwealth Financing Authority through its Multimodal program. He added “The funding of these projects underlines our commitment to transforming the North Side of the Broad Street corridor, once iconic in its stature in Philadelphia’s history. These projects along with the redevelopment of the UPTOWN Theater will stimulate the local economy while creating jobs, housing, and a host of other resources that will spur the resurgence of North Philadelphia.”
The following grants were approved:
- Sharswood Partners, LLC received $400,000 for Sharswood – Ridge Avenue Redevelopment
- 3701 N. Broad LLC received $477,400 for 3701-25 N. Broad Street (Beury Building) Development
- North Broad District received $68,000
The CFA was created in 2004 to serve as administer economic development programs. Its’ Multimodal Transportation Fund finances projects to improve and develop transportation access. Funding can be used for developments related to road connectivity, streetscape, lighting and mass transit.