Rep. Mike McGeehan and Sen. Mike Stack present a $5.5 million mock check to George Diemer of Philadelphia Holdings, LLC.  The funds will be used for remediation and water management for the Tacony Condominimums Project. Pictured from left to right are Rep. Mike McGeehan and Sen. Mike Stack.

PHILADELPHIA, October 27, 2006 - Standing near the Delaware River, state Sen. Mike Stack and state Rep. Mike McGeehan today announced a $5.5 million investment in residential housing at the former Dodge Steel Casting Facility in Tacony.

The funding, administered by the Pennsylvania Infrastructure Investment Authority (PENNVEST), will be used toward the Tacony Condominium Project, which is building condominiums and townhouses at the abandoned site at Magee Street and the Delaware River.

Specifically, the loan will be used to fund environmental remediation, capping, and storm water management infrastructure. “We have a gem of a location here along the waterfront, but it just needs a chance to shine,” said Stack. “By removing vacant factories like Dodge Steel, we can make room for homes.”

“That’s why the Tacony Condominium Project is an important step in revitalizing the waterfront,” he added. “It will attract people to move to the city, which will improve our local economy.”

McGeehan lauded the project as an important step toward making the river a prime location.

“Here is one more great example of the efforts to revitalize the riverfront,” said McGeehan (D-Philadelphia). “Similar projects like Independence Point and Tacony Pointe show that these efforts are serious. The property along the river has been underutilized, but it has the potential to be one of the most attractive places in the city to live, work and visit.”

Both lawmakers have been working hard to make sure the public is not cut off from the waterfront.

“For many years, the public did not have access to the Delaware Riverfront”, McGeehan said. “Senator Stack and I have been working to ensure that all riverfront revitalization projects in Northeast Philadelphia include public access to the riverfront. This project includes public access to the riverfront and so much more including, public parks, bicycling, and jogging trails.”

The Tacony Condominium Project, which is being developed by First Philadelphia Holdings, LLC, consists of approximately 570 residential condominium units in three-story buildings, as well as town homes.

The majority of the residents of the condominiums will be ages 55 and older and will enjoy various amenities.

The buildings will sell for prices of approximately $500,000, according to the developer.

“This is a great example of a positive private-public partnership”, said developer George Diemer. “With state and city assistance, we will turn a blighted, contaminated property into a thriving residential development with beautiful riverfront vistas, and a new public park and trail.”

Stack noted that PENNVEST is working hand-in-hand with lawmakers and developers to create development projects that will have a positive impact on our communities.

“At one time, Tacony was a hub of industry for Philadelphia. Times have changed, and so has this neighborhood,” said Stack. “Now, we’re building our way into the future, and we want that future to be bright for Northeast Philadelphia.

“We can — and we will — make the waterfront the place to be,” he added, “a place where people want to live, work and visit.”

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