VF redevelopment project awarded $200K in state tax credits

HARRISBURG, Pa. - Pennsylvania is providing more support to the redevelopment of the VF Outlet Center in Berks County.

Gov. Tom Wolf announced Wednesday that the state has awarded $200,000 worth of Neighborhood Assistance Program tax credits to the Philadelphia-based developer, Equus Capital Partners, for its work on 'The Knitting Mills' project.

"Our communities form the stable bedrock of Pennsylvania’s economic success," Wolf said. "By encouraging businesses to make impactful investments in worthy projects across the commonwealth, the Neighborhood Assistance Program plays an invaluable role in improving the lives of Pennsylvania residents."

The tax credits are in addition to a $900,000 grant awarded last year by the Commonwealth Financing Authority for transit enhancements and pedestrian improvements to the 34-acre site, which straddles the boroughs of West Reading and Wyomissing.

"These rewards we are able to provide through tax credits in this high-demand program reach deeply into our neighborhoods and the benefits multiply," Wolf said.

Work currently underway on the $70-million project involves demolition of the outlet center's Red Building and an extensive remodel of the former Designers Place building.

The latter building will eventually house the VF Outlet's retail store on the first floor and its corporate offices on the second floor. Tower Health offices will occupy the third and fourth floors.

After the VF Outlet relocation, work will begin on remodeling the center's Blue Building as the headquarters of UGI Energy Services.

DISCLAIMER FOR COMMENTS: The views expressed by public comments are not those of this company or its affiliated companies. Please note by clicking on "Post" you acknowledge that you have read the TERMS OF USE  and the comment you are posting is in compliance with such terms. Your comments may be used on air. Be polite. Inappropriate posts or posts containing offsite links may be removed by the moderator.

This Week's Circulars

Berks Area News

Latest From The Newsroom