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State funds give boost to DoubleTree Hotel project in downtown Reading, other development

Published On: Dec 24 2013 06:24:32 AM CST
Updated On: Sep 17 2013 05:30:27 PM CDT

Ongoing plans to build another hotel in downtown Reading were given a boost Tuesday with the approval of additional state funding.

READING, Pa. -

Ongoing plans to build another hotel in downtown Reading were given a boost Tuesday with the approval of additional state funding.

The $1 million allocated to the DoubleTree Hotel project in the 700 block of Penn Street is part of more than $5 million in new investments for the Greater Berks Development Fund, Pa. Sen. Judy Schwank and Pa. Rep. Tom Caltagirone, both Berks County Democrats, announced.

The money, in addition to $12 million already approved for the G.B.D.F., is being made available as loans through the Building Pa. program, the lawmakers said.

"There are several exciting development projects, including the hotel project, moving forward in downtown Reading," Schwank said. "These important new investments will help keep the momentum going."

"This investment of state funds is essential to our ongoing efforts to revitalize Reading," said Caltagirone. "With the state’s support, we will be able to leverage additional private investment in our city."

The new funding now increases Building Pa's loans for the DoubleTree Hotel project to $6 million.

A groundbreaking date has not yet been set.

Development projects to be funded by the remaining money have not yet been determined, officials said.