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Whiskey Tango Foxtrot
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Discussion Starter · #1 · (Edited)
New Eastern Tower Community Center



New construction looms on the horizon for Chinatown North. The Philadelphia Chinatown Development Corp. plans to create a 23-story, multipurpose tower located at the northwest corner of 10th and Vine streets. The first two floors of the building will include the recreational area and retail space. The remainder of the tower will be used for residential units and offices featuring spectacular views of the city.

Zoning for the future structure is in place and approved, making it the largest building in Chinatown. The goal of the PCDC is to start building next year with a two year construction timeline to follow. They are currently in the process of selecting the perfect architect for the job.


http://centercityteam.com/files/2011/09/Philadelphia-Real-Estate-Blog-Chinatown-Development.jpg
 

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Whiskey Tango Foxtrot
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55,632 Posts
Discussion Starter · #2 ·
Chinatown Apartment Project Ready To Build



July 10, 2013

PHILADELPHIA-In the next six to nine months, the Philadelphia Chinatown Development Corp. says it will start construction on a 23-story mixed-use project at 10th and Vine streets.

The organization briefed Chinatown residents on its plan on Tuesday evening at the Chinese Christian Church & Center. The project, when completed, will feature 143 apartments units and 10,000 square feet of retail space, plus banquet and recreational space, according to planphilly.com.

The project is estimated to cost $71 million to build. The developers are still attempting to secure financing for the project. Citibank is reportedly committing $42 million in tax credit funding, according Ahsan Nasratullah of JNA Capital, which is working with PCDC on the project.
 

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Whiskey Tango Foxtrot
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55,632 Posts
Discussion Starter · #3 ·
Visas for $$$

Can The Eastern Tower in Chinatown Raise $33M?



Chinatown's Eastern Tower, a community center and residential development can become a reality if developers can raise $33M. Their new plan for getting the funds together is to offer US visas to Chinese investors willing to lend $500K to help finance the project.

The program that allows for this exchange of financing for visas is called EB-5. It allows foreign investors to get visas for themselves and their families in exchange for creating ten jobs for at least two years.

Though raising $33M would require 66 investors to loan $500K each, the Philadelphia Chinatown Community Development Corporation's president says that it's a very realistic goal.
 

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Whiskey Tango Foxtrot
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55,632 Posts
Discussion Starter · #4 ·
State Grant Injects New Life Into Eastern Tower Project



Delays in the development of the Eastern Tower Community Center at 10th and Vine St. in Chinatown started to make people wonder if it would happen at all. Now, a $3.7M Economic Growth Initiative state grant has injected some new life into the oft-stalled project. Just last February, the Philadelphia Chinatown Development Corporation needed $33M to get the project off the ground. Now, through the grant ($3.7M) as well as foreign investment in the form of federal EB-5 immigrant-visa program ($33M) and bank loans ($19M), the 23-story building is actually one step closer to reality.
 

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Whiskey Tango Foxtrot
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55,632 Posts
Discussion Starter · #5 ·
Got money troubles? Ring up a Clinton:

Hillary Clinton’s brother working on mixed use project in Chinatown

Hillary Clinton’s brother is working with developers seeking to raise $33 million to fund its Eastern Tower Community Center in Chinatown, Politico reported.

Tony Rodham is listed on the website of investment fund Global City Regional Center, an immigrant investor regional center which was formed partly by Philadelphia Chinatown Development Corp.

Rodham’s bio on the fund's website describes him as a “skilled professional in investment management and business administration.” It said he has “spent many years consulting with businesses from around the world to help ideas materialize into successful enterprises.” It mentions that he worked on both former President Bill Clinton and Hillary Clinton’s political campaigns. His title is Chief Global EB5 Investor Relations & Government Affairs.

[...]
 

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Whiskey Tango Foxtrot
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55,632 Posts
Discussion Starter · #6 ·
The 23-story Eastern Tower is expected to break ground in June

The long-awaited 23-story Eastern Tower planned for Chinatown may break ground this summer.

John Chin, executive director of the Philadelphia Chinatown Development Corporation (PCDC) told PlanPhilly last week that the current expected groundbreaking date is sometime this June.

It's been a long time coming: We first learned about the proposed development in 2008, when the PCDC was given the land to build a recreation center at 1001 Vine Street.
 
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