Parkway Corp. Constructing New Center City Hotel - Citybizlist Real Estate
Posted September 26, 2011
A new Hilton Home2 Suites hotel from Parkway Corp. is coming to Center City adjacent to the Pennsylvania Convention Center at 12th and Arch Streets. It will open in Summer 2013.
The hotel is phase II of development of this property, which began with the 860-space Convention Center Garage. The Home2 Suites will add 246 new hotel rooms to the downtown market. The project will create 123 new construction jobs and 146 new permanent hotel jobs.
The hotel will feature over 2,000 square feet of meeting space and 9,750 square feet for ground floor retail and restaurants. The total project cost is $60 million and will be partially funded with $2.75 million in Redevelopment Assistance Capital Program (RACP) funding and an Infrastructure and Facilities Improvement Program (IFIP) grant from the Commonwealth of Pennsylvania.
The Philadelphia Industrial Development Corporation (PIDC) will provide $5 million in HUD 108 loans and the building will receive $3 million in EnergyWorks funding from PIDC and The Reinvestment Fund. The energy conservation measures for the hotel will include a partial green roof, high efficiency HVAC system and significant energy performance upgrades.
L.F. Driscoll will oversee construction of the development.
With the expansion of the Pennsylvania Convention Center, it was expected that new hotel rooms would be needed. To date, Philadelphia has added approximately 525 new hotel rooms in Center City and another 270 rooms are currently under construction. The Hilton Home2 Suites project will add an additional 246 rooms, bringing the total to more than 1,000 new rooms in Center City.
Parkway has been involved with almost 7 million square feet of real estate projects through development, acquisition and redevelopment. Those projects included office, retail, restaurants, parking, mid-rise residential (The Pearl condominiums - Chinatown), ultra-luxury residential condominiums (1706 Rittenhouse - Rittenhouse Square) and most recently rental residential (American Lofts - Northern Liberties).
blog comments powered by
Sign-in to connect with your friends on Citybizlist
--
Source: http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHdLAGNPCYAcxN8hbAAYiS7fU-6NA&url=http://phillyrealestate.citybizlist.com/2/2011/9/26/Parkway-Corp.-Constructing-New-Center-City-Hotel.aspx
~
Manage subscription | Powered by rssforward.com
