The developer for the former Lorraine Apartments that later became the Divine Lorraine Hotel near Philadelphia’s Center City area has lined up all the necessary funding for the rehab project of the shuttered hotel. This is good news for our community as the redevelopment plan – which includes 126 loft apartments and ground-floor restaurants – is now spurring further development in the area. The decision to rehab is significant for business and economics in Philadelphia as well as for Madison Concrete Construction, as we are involved with several projects nearby. These include several projects at Temple University such as the Temple Science & Engineering Center, Temple Fox School of Business, Wanamaker Plaza, Temple Gateway Building and University Village Apartments.
City Center in its heyday was once an area where some of the wealthiest people in Philadelphia lived, but slowly became rundown, especially after the Divine Lorraine closed in 1999. After sitting vacant for more than a decade, the revitalization of the once-lovely Divine Lorraine and redevelopment of the area is welcome news for the city, to take it from a “dead” area to what is hoped to be the new “it” area. (Click here for the “State of City Center 2015.”)
Although we may or may not ever have the chance to work on some of these redevelopment projects, we strongly believe in the importance of revitalizing our region’s core to showcase our vibrant city. While many of the projects we are fortunate to be part of are new construction and are outside the heart of our city, Madison Concrete takes great pride in our city and its vitality. We are pleased to see these projects moving forward and continuing to enhance our great city of Philadelphia. Let us know how we may work with you.
Eric Blumenfeld and his EB Realty Management Corporation has been awarded a $3.5 million state grant through the Redevelopment Assistance Capital program, which will go towards the estimated $44 million in renovations costs, plans for resurgence of City Center is becoming a reality. The Philadelphia Redevelopment Authority approved a $2.5 million loan for the project as well as a $1 million grant from the Neighborhood Transformation Initiative, which was leftover from a previous city administration. The project is also receiving federal historic tax credits worth $3.5 million and a $30 million investment from New Jersey real estate lender Billy Procida. Redevelopment is expected to begin in August.
Blumenfeld has also just sold off his stake in a large waterfront piece of property to help focus on his rehab of the Divine Lorraine, which was added to the National Register of Historic Places in 2002.
In June, a Philadelphia City Council committee approved a proposal from New York-based RAL Companies to build a “mega-project,” which would consist of nearly 500 apartments for the 1300 Fairmount project at 13th Street and Fairmount Avenue and an 80,000-square-foot supermarket on the vacant lot behind the Divine Lorraine. Preliminary site plans for the mega project also show a small group of townhomes at the corner of 13th and Wallace streets, to be built in a future phase of construction.