Purcell endorses Signature Tower

The $200 million, 700-foot residential skyscraper that developer Tony Giarratana plans to build downtown at the corner of Church Street and Fifth Avenue is moving closer to reality.

Tuesday, Mayor Bill Purcell publicly endorsed the Signature Tower, and the Metropolitan Development and Housing Agency (MDHA) is now drafting a financing structure to provide $12 million in tax increment financing (TIF) for the project, which would be repaid in the form of future property tax payments.

Purcell praised the design of the 500-unit building and said that it will spur downtown retail and business development.