TAXPAYERS are footing the bill for some of the renovations to the former Strawbridge & Clothier building at 8th and Market Street, new home to Interstate General Media, publisher of the Inquirer, Daily News and philly.com.
The state is providing $3 million for the building's landlord, Pennsylvania Real Estate Investment Trust (PREIT), to redevelop the building as part of a $10.5 million grant for renovations to the Gallery at Market East from the state's Redevelopment Assistance Capital Program (RACP). PREIT is also investing its own money in the project.
The state money reimburses PREIT for renovations to the third floor, where the company is situated, said PREIT's CEO, Joseph Coradino. This is on top of a $2.9 million city loan that Interstate is receiving to finance its move to 801 Market from 400 N. Broad St.