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Farnese Announces $3M in Grants for Center City Projects
On October 14, 2016
PHILADELPHIA, October 14, 2016 – Two Center City redevelopment projects will receive $3 million in assistance from a state program aimed at fostering cultural and economic growth, Sen. Larry Farnese announced today.
The grant funding for the projects will be funded through the state Redevelopment Assistance Capital Program (RACP).
The Independence Visitor Center located in Independence National Historical Park, will receive $2 million toward their modernization project to enhance visitors’ experiences at the center.
SLS International Hotel & Residences, a 47-story, mixed-use development including a hotel and residences and located on the corner of Broad and Spruce Streets will receive a $1 million RACP grant.
“Center City is seeing a surge in redevelopment and these grants will help continue that momentum,” Farnese said. “Not only will these projects attract new visitors and residents to the city, they will provide great places for them to stay when they get here. With a tourism market so prevalent, this is a win-win for Philadelphians.”
The RACP grant program is administered by the Office of the Budget for the acquisition and construction of regional economic, cultural, civic, recreational, and historical improvement projects.