By Andrew Kramer

PHILADELPHIA (CBS) – If you’re ever in Chinatown, you’ve likely passed the parking lot along Vine Street between 8th and 9th.

The city wants to redevelop that property and listened to a few proposals Monday night at SEPTA Headquarters in Center City.

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Two Philadelphia-based companies — Pennrose Properties and Parkway Corporation — presented their ideas during the public meeting called on by the Philadelphia Redevelopment Authority.

“Our primary goal is to run a fair process that’s going to select the best proposal to redevelop this site and bring it back into active use,” says PRA Executive Director Gregory Heller.

There were numerous similarities between the proposals.

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“Both of the proposals have market rate and affordable housing, community open space and retail,” Heller says, “and then there are some other elements that are different.”

For example, Parkway’s also includes an inter-generational park and a massive Chinatown sign, while Pennrose discussed a hotel and an equal justice center which would house legal aid organizations from throughout the Philadelphia.

“This is a site that is adjacent to Chinatown and Old City and is going to have impact on the city as a whole,” Heller added.

About 300 people were on hand. They got to ask each company questions following their presentations.

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Heller adds community input is a very important part of their decision process.