Thursday, December 5, 2013

Pa. Episcopal Church Cathedral to Break Ground on $110 Million Project

From Philadelphia-

A Pennsylvania Episcopal church body will soon undergo a major two-pronged construction project with an estimated price tag of $110 million.

The Philadelphia Episcopal Cathedral plans to hold a ground-breaking ceremony for the project on Thursday afternoon, with a request on their website that guests RSVP for the occasion.

One part of the project will focus on the Cathedral Center and the other part will focus on an apartment tower financially connected to the Cathedral. The Very Rev. Judith A. Sullivan, dean of the Philadelphia Episcopal Cathedral, told The Christian Post that the immense funding has been secured.

"Both projects are fully funded and are jointly proceeding. For the apartment tower our development partner, Radnor Property Group, was responsible for procuring debt and equity for the this $96 million project," said Sullivan. "The Cathedral Center's $14 million in costs is funded with the Cathedral's own capital sources and with creative financing using federal New Markets Tax Credits."

More here-

No comments: