Gov. Wolf has committed $1.3 million toward construction of the Eastern Tower apartment building and community center complex in Chinatown, a small but vital contribution to the long-planned project’s finances.
The funds from Pennsylvania's Redevelopment Assistance Capital Program puts the Philadelphia Chinatown Development Corp. on track to close on its financing for the project within 30 days, John Chin, the nonprofit’s executive director, said at a news conference Thursday.
Other financing for the $76 million development will be borrowed, secured through tax credits targeting low-income neighborhoods, or obtained through the federal EB-5 program, which offers U.S. visas to overseas citizens who invest large sums into job-creating projects here, Chin said.
Plans for the Eastern Tower project, at the site of a formerly state-owned lot at the northwest corner of 10th and Vine Streets, call for 150 rental units in a 20-story tower; almost 50,000 square feet of retail, office, and community space; and a preschool.