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FOR IMMEDIATE RELEASE |
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State
Rep. Harold James |
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James announces $4 million in state financing for new 'green' building
777 S. Broad to be city's first 'green'-certified, mixed-use building
HARRISBURG, April 28 – State Rep. Harold James, D-Phila., announced today that the Commonwealth Financing Authority has awarded a $4 million low-interest Building PA loan to develop a vacant site into "777 South Broad," the city’s first Leadership in Energy and Environmental Design "green"-certified, multi-family mixed-use building.
Dranoff Properties Inc. will use the loan to develop the vacant area into a five-story structure with 19,000 square feet of retail space. It will also house 146 apartments and approximately 157 surface parking spaces.
"I’m pleased that this investment is being made in such a culturally rich area of Philadelphia," James said. "This Building PA funding shows dedication to the area’s residents as well as the Commonwealth’s commitment to green initiatives."
The loan will be provided through the Building PA program, a state program aimed at creating mixed-use buildings and revitalizing of blighted areas. The project will create 78 full-time equivalent jobs.
The Commonwealth Financing Authority administers and finances projects included in the Building PA loan program and other programs in the state’s economic stimulus package the General Assembly passed in 2004 with James' support.
The CFA also oversees the state's First Industries Fund, Business in Our Sites program, PennWorks, New PA Venture Capital Investment, New Pennsylvania Venture Guarantee, Tax Increment Financing Guarantee and Second Stage Loan programs. Each of these programs is aimed at using targeted state investment to attract private capital for economic development in all regions of the state and for all types of industries.
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