Done deal when it comes to the developer of the W Hotel receiving $33 million in tax increment financing.
The Philadelphia Inquirer is reporting that an arrangement was struck for the TIF as well as a so-called labor “peace agreement.” Here’s the Inquirer story.
Brook Lenfest is the developer of the $280.4 million project, which will have a W Hotel and Westin. It will be constructed at 1441 Chestnut St. The $33 million TIF would account for 11.8 percent of the project and about $42 million would be funded with state and federal money. The developer will finance the remainder of the hotel. Construction is expected to begin early next year.
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