State agrees to chip in for Rivertown Highlights from the press conference: The development will take place over several phases:
- An ownership group is working closely with Major League Soccer in an effort to bring the League’s 16th franchise to Philadelphia. If successful, development will begin with the construction of a $115 million, 20,000 seat multi-use stadium at the foot of the Commodore Barry Bridge in Chester.
- Phase one, expected to begin this fall, will include the stadium, 186 town homes; 25 apartment residences; 335,000 sq feet of office space; a convention and exposition center of approximately 200,000 sq. feet; 22,215 sq. feet of retail space; and structured parking with capacity for 1,350 cars. In addition, there will be substantial remediation and infrastructure construction highlighted by new streets, greenways, and a riverside promenade that will include boat slips.
- Phase two will include an additional 200 apartment units, 100,000 sq. feet of office space as well as retail space in excess of 22,000 sq. feet.
The projected economic impact includes:
- More than 2,600 construction jobs
- At least 800 new net jobs on an annualized basis
- On an annual basis, the project will generate $19 million in total tax revenue (65% of which accrues to the Commonwealth)