Groundbreaking on East Market Redevelopment Project

CENTER CITY (WPVI) -- A renaissance of sorts is planned for a well-known area of Philadelphia.

They're calling it the East Market Redevelopment Project.

Market Street was once Philadelphia's retail Main Street - that was back in 1800's. Well, plans are underway to bring it back, with designs to take down an entire city block and transform the area completely.

What has been known as "Market East" is now being rebranded and revamped as "East Market".

A major redevelopment project kicked off Thursday with city and state leaders breaking ground on what promises to be a major upgrade.

A gutting of such will happen from 11th to 12th Streets and Market to Chestnut. It will be replaced with new office space, retail shops, residences, and parking!

Mayor Nutter told those in attendance at today's groundbreaking, "This is one of the most exciting developments to come to Philadelphia in a long, long time."

The city and state government are pumping millions in to make it happen.

Lieutenant Governor Jim Cawley says, "It's a further commitment to taking our city back, taking Market Street back - to making Market Street again a showplace for the entire city and the entire commonwealth."

There have been promises to revive this historic section in the past. Residents are hoping this time will be the charm.

Peter Lim of Fairmount tells us, "I think it's very exciting that they are going to upgrade the city."

And West Philadelphia resident Deborah Watson-Stokes says, "I think it's a great idea. Anything that will bring people and visitors to the city is wonderful."

There is a lot of excitement surrounding these plans this time around.

The other great news is this project is expected to create 1,500 new jobs - most in construction, the other in retail.