University of Pennsylvania owns the building and Dranoff holds a long-term lease and development rights. WXPN is the university's public radio station. The planned live music venues are Walnut Street Caf, a cafe and bar, and Main Stage, which is a 350-seat concert hall and dining area. The property will also house WXPN's new studio and offices.
Funding comes from several sources, including Dranoff, Real, and WXPN, and additional donations by being solicited by the station. Meanwhile, Philadelphia Industrial Development Corp. is providing a loan at below market rate. Because the building is an historic structure, it obtains generous tax credits. Completion is scheduled for October 2004.
Locally based Real Entertainment was founded in 2001 by entrepreneur Hal Real to create "Live Music for Music Lovers," which Real describes as "dynamic, intimate live music environments where artists can deliver their best performances for audiences who come to listen and experience new musical discoveries."
WXPN-FM provides a syndicated showcase for contemporary music, including rock, fold, rhythm and blues and "American roots," and produces the city's annual Singer Songwriter weekend.
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