March 1, 2017
The city of Philadelphia will commit $90 million to build a new waterfront park at Penn’s Landing. The 11-acre park will be between Walnut and Chestnut Streets, with the goal of connecting Center City with the waterfront. The money will also be used to cap Interstate 95. Mayor Jim Kenney’s administration expects that the public project, which has an estimated cost of $225 million, will help increase private development and investment in the area.
“We have never met our potential when it comes to waterfront development,” Kenney told PlanPhilly, indicating that one reason for the oversight is that many of the parcels are privately owned. However, “just concentrating on the central waterfront that we control, we’ve never maximized our potential,” he said. “This will go a long way in doing that.”
The $90 million will be spread out over six years. The remaining amount is anticipated to come from the state and philanthropic endeavors.
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