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.
Read more about this story on PBJ.com
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