Philadelphia’s five-county region received $90.5 million in RACP funds in 2018, 37% of total awarded
Pennsylvania’s Redevelopment Assistance Capital Program (RACP) awarded the Philadelphia region its fair share of funding in 2018
July 24, 2019
- Pennsylvania’s Redevelopment Assistance Capital Program (RACP) awarded the Philadelphia region its fair share of funding in 2018. The Philadelphia region represents 32% of PA’s population and received 37% ($90.5M across 57 projects) of the total RACP grants in 2018 ($244.3M across 183 projects). Community organizations ($18M), office construction ($13.5M), and education ($13.3M) received the most funding, all of which come as no surprise since RACP aims to direct grants towards projects that impact the regional economy or the respective community. The largest RACP grants of 2018 included $8.0M for the restoration of the 1st Bank of the United States, $7.5M for Spark’s fit-out of One Drexel Plaza, and $5.0M for Jefferson’s fit-out at 1101 Market.
- As for 2019, RACP awards should begin to be announced over the coming months. A total of $656.3M has been requested regionally YTD, with $1.7 billion requested in total across Pennsylvania. In 2018, the region was awarded 11.9% of the total funds it requested. If this holds true for 2019, approximately $78M in awards should flow to the area based on what’s been requested YTD, and most likely more, assuming that requests continue to be made during the rest of 2019. The largest submissions YTD include $33M by Cedar Realty Trust for the redevelopment of three South Philadelphia shopping centers, $24M for AmerisourceBergen’s new HQ at SORA West, and $13M for K4’s Liberty on the River.
Source: JLL Research, Pennsylvania Office of the Budget