New Home and City Loan for Philadelphia Inquirer

The city of Philadelphia gives $2.9 million to Inquirer and Daily News to finance a new location.

The Philadelphia Inquirer and Daily News have found a new home in the former Strawbridge & Clothier building at 8th and Market streets, made possible by a $2.9 million loan from the city of Philadelphia.

Last week in a company press release it was announced the papers’ would be moving to a different location; however, the city’s multi-million dollar financing was not mentioned.

Alan Greenberger, deputy mayor for economic development, says an investment such as this is not unheard of in order to keep major employers, like the Inquirer and Daily News, in the city.

“We live in a very competitive environment, and there were other people and places vying for their attention making wonderful offers,” Greenberger said.

About $2 million will help prepare the workspace and the rest will go towards a deposit required by the landlord because the company is coming out of bankruptcy.

According to Greenberger, the city’s investment should be repaid in full although it is possible a firm getting assistance could get into trouble.

Spokesman for Philadelphia Media Network Inc., Mark Block, says the company is not ready to comment on the public financing, but officials are happy to keep more than 600 jobs in the city and to participate in the reviving East Market Street.

The Philadelphia Inquirer and Daily News are moving from the Elverson Building or Inquirer Building located at 400 North Broad Street, which has been the company’s home since 1925.

Contact Us