The highly-anticipated East Market redevelopment keeps getting closer to becoming a reality. The latest news? Construction can now begin on an 18-story commercial/residential tower called 1100 Market Street after a National Real Estate Development and Ullico agreed to a $141 million construction loan.

Deb Massa, vice president of Brian Communications who is a spokeswoman for East Market, told Billy Penn the building should be finished next summer. When construction is completed, it is slated to feature 322 residential units spanning 16 stories and retail options on another two stories.

The entire redevelopment of Market Street, known as East Market, will cover the full square block between Market and Chestnut streets and 11th and 12th streets. It will cost $500 million and is supposed to create  nearly 300 permanent jobs and 1,200 construction jobs.