Image

6:34 PM / Wednesday February 8, 2023

6 Dec 2018

$56 million restoration of the Philadelphia MET completed: Bob Dylan and his band perform on reopening night

  • Facebook
  • Twitter
December 6, 2018 Category: Entertainment Posted by:

ABOVE PHOTO:  The Met

Philadelphia, PA- The Philadelphia Metropolitan Opera House, built in 1908 by Oscar Hammerstein, reopened on Monday with a sell-out performance by Bob Dylan and his band, after being shuttered for over 20 years. What started with a signature $3 million pre-development Loan from Procida Funding in 2015 to complete environmental remediation, architectural design, structure drawings, and other pre-development work, evolved into a $56 million financing package orchestrated by Procida Funding for developer, Eric Blumenfeld, and his partner, the Rev. Mark Hatcher of Holy Ghost Revival Center at The Met.

Procida provided $4.5 million of preferred equity and then orchestrated additional financing from Fulton Bank, Enhanced Capital, Philadelphia Industrial Development Corporation (PIDC), and the Commonwealth of Pennsylvania.

“This is one of the greatest projects we have ever been involved with, as well as the most complicated financial structure in my 37- year-career. And coming in ahead of schedule and on budget to restore this grand landmark makes it all the better.” said Billy Procida.

“Following our formalized collaboration with Eric Blumenfeld, developer of The Met, I prayed to God for the financial resources to fulfill our portion of the fiscal component of this huge restoration. God sent Billy Procida from Englewood Cliffs, New Jersey!” Hatcher said. 

“The past six years Billy Procida and Procida Funding have been at my side, providing capital, guidance, advice, and inspiration. This truly would not have been possible without them,” Blumenfeld said.

The project is leased to Live Nation who will operate it as a venue for concerts and events. Signage rights for The Met were sold to Citibank.

This is the fourth project on North Broad by developer Eric Blumenfeld and Procida Funding. The collaborations between Blumenfeld and Procida have totaled over $150 million, which has spurred an equal amount of additional new development. Construction was handled by Domus Construction, architectural design by AOS Architects, and structural engineering by David Chou & Associates, Inc. Procida and Blumenfeld will soon announce the first Opportunity Zone project on North Broad, which will be a mixed-use building on the corner of North Broad and Spring Garden.

  • Facebook
  • Twitter

Leave a Comment

Recent News

Local

City Commissioner Omar Sabir and community partners hold press conference kicking off Philly Rises tour

February 7, 2023

Tweet Share Pin Email City Commissioner Omar Sabir hosted a press conference to kick off the 2nd...

Entertainment

Philly Cultural Beat – February 2023

February 3, 2023

Tweet Share Pin Email ABOVE PHOTO: Gregory Porter (Photos courtesy: Philly Cultural Beat) By Steve Bryant February’s...

Go With The-Flo

Priceless will sing in the Roz Live musical tribute “GLADYS” at 54 Below in New York City

February 3, 2023

Tweet Share Pin Email ABOVE PHOTO: Priceless Photo courtesy:  Priceless By Flo Anthony Following her $24 million...

Oasis

cj speaks…  Waiting on the Lord

February 3, 2023

Tweet Share Pin Email No matter what is going on in your life, you rise to the...

Health

Are you ready to prioritize your health goals?

February 3, 2023

Tweet Share Pin Email Help protect yourself against pneumococcal pneumonia. BPT The beginning of a new year...

Food And Beverage

Gift decadence during this season of love

February 3, 2023

Tweet Share Pin Email FAMILY FEATURES Valentine’s Day may traditionally be a lovers’ holiday, but it’s also...

The Philadelphia Sunday Sun Staff