Recently, development throughout the city has been increasingly booming from new construction homes to commercial skyscrapers. Curbed Philly reported that Philadelphia area developers have requested $341 Million in state funding through the Redevelopment Assistance Capital Program. (Recently reported by the Philadelphia Business Journal).
There are currently 78 development projects occurring throughout the city. Ten projects have received funding so far including Liberty Property Trust who is constructing the Comcast Innovation and Technology Center. This project is estimated to cost over $1.6 billion and has received about $10 million from the state thus far.
Projects must provide an adequate amount of information including economic activity the project will contribute to the surrounding community.
Philadelphia County is requesting more funds from the Commonwealth of Pennsylvania than any other county due to its increased amount of development projects.
Other Philadelphia projects receiving state funds includes Urban Outfitters Navy Yard expansion, Dietz and Watson and the East Market Street project.