Funding for Penn's Landing Park Project Just Shy of $10M
PHILADELPHIA (CBS)—A $225 million project that aims to connect the Philadelphia to the river's edge is closer to becoming a reality.
On Thursday, the William Penn Foundation announced a commitment of up to $15 million to the Penn's Landing Park Project leaving the final project just $10 million short of funding.
"This project will not only transform the waterfront but it will transform our entire city by allowing residents and visitors to reclaim the Delaware riverfront as a new public space destination," said Shawn McCaney, Executive Director of the William PennFoundation.
"Significant progress has been made to activate the riverfront over the last several years, including new parks, trails, and programming – such as Spruce Street Harbor Park that attracts thousands of visitors each year. The redevelopment of Penn's Landing will be the centerpiece of a long-term effort to bring people and new economic activity to the river's edge."
In 2014, the Delaware River Waterfront Corporation studied the planned project, which they say could generate roughly $1.6 billion in returns to the City, the Commonwealth of Pennsylvania, and the School District of Philadelphia.
"It will be truly transformative," said Tom Corcoran, president of the Delaware River Waterfront, the agency planning the park.
Just this week, Mayor Jim Kenney announced a $90 million commitment from the city. PennDOT put forward $10 million for a study and will put forward another $100 million.
"I think it'll be good for the city. I think it'll be good for the community. I think it'll be good for the kids and families," said Jenna Epstein, who lives in Old City.
The planned project will put a four-acre highway over I-95 and connect Center City with the waterfront.
The DRWC says the project will feature 11 acres of public space, a new park for the Great Plaza and opportunities for 1,500 new residences, 500 new hotel rooms, and 75,000 feet of retail space.
More renderings show a plan to make the new space seasonable--adding ice skating in the winter and plenty of green space in the summer.
"It's always great to have more things like this," said Kurt Schmucker, who lives in Havertown.
Construction could take about five years but officials tell CBS 3 some initial work on the project will start by the end of the year.
For more information visit http://www.delawareriverwaterfront.com/
