Vacant since 2002, the former Edison High School building on Lehigh Avenue is getting some attention from the state.
The money will come from Pennsylvania’s Department of Community and Economic Development and its Business in Our Sites program.
“Reclaiming abandoned properties and returning them to community use is a vital part of our economic development effort,” Sen. Christine Tartaglione said when announcing the loan yesterday. Her 2nd District includes the North Philadelphia site.
The School District of Philadelphia sold the property in June, and a fire two months later gutted what remained of “The Castle.” PlanPhilly reported on the building’s history in August.
According to Tartaglione, leases for the property have already been signed with Save-A-Lot, Family Dollar and Burger King. The $11 million project will be funded mostly through private financing, and state money will be used for water and sewer improvements, utilities, demolition, excvation and grading. The loan will be paid back in 20 years at 2 percent interest.