The bonds were issued by the Pennsylvania Economic Development Financing Authority and underwritten by the local office of Reston, VA-based Legg Mason Wood Walker Inc.
The garage will be built on a portion of the existing Arch Street parking deck, where it will eliminate 522 existing parking spaces, but result in a net increase of 973. The land is part of a 50-acre Keystone Opportunity Zone, which affords generous tax exemptions.
The parcel is also adjacent to the proposed Circa Centre, a 32-story office building planned by Plymouth Meeting, PA-based Brandywine Realty Trust. Cesar Pelli, best known for the Petronis Towers in Kuala Lumpur, Malaysia, is the architect.
The private-public parking garage is being developed by a BPG affiliate. Plans have been widely published, and initially, Brandywine scheduled completion for 2005, but has yet to break ground. Amtrak's manager for all aspects of the development is locally based Aegis Property Group Ltd.
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