Eastern Tower
A Comprehensive Approach to Addressing Community Needs
Abstract
The Eastern Tower Community Center is the $75 million answer to the question posed by a small group of neighbors – where will our children play? Along the way, this question created other questions. This group of concerned neighbors became neighborhood planners as they envisioned a comprehensive response to Chinatown’s needs for recreation space, health and public services, cultural event and meeting space, and significant reinvestment in the physical landscape around the Vine Street Expressway. When they enlisted a private developer, the City of Philadelphia and the Commonwealth of Pennsylvania, the leading foundations in the metropolitan region started paying attention. So did a number of highly-respected banks and private investors. All told, this New Markets Tax Credit (NMTC) project has raised an astonishing $6.4 million in grant monies alone, or about ten times PCDC’s annual budget. The financing includes a federal Immigrant Investor Program (EB-5), which encourages economic development and job creation, and a tool which has been rarely tested for community development projects.
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