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Specific text to be added or removed: In November, 2020, The Peebles Corporation's contract to purchase 1801 Vine Street was cancelled by the City of Philadelphia. The City cited Peebles's delay and inability to secure financing, as well as larger economic trends, as reasons for cancelling Peebles's development bid. Peebles Corporation CEO, Roy Donahue Peebles, said in a statement that the company was “surprised and disappointed by the action taken by PIDC and the City of Philadelphia today to terminate our efforts to build Philadelphia’s first Black-owned hotel. We are puzzled by the motives underlining the rush to terminate now when there are no viable, alternative uses for the structure,” Peebles said. “We are not aware of any major city of Philadelphia contract that has been terminated during this health crisis, begging the question: Why us?” At the time Peebles bid was cancelled, the project had taken over 7 years without any construction, financing, or tenants put in place.[1]
And replace it with this: In November 2020, The Peebles Corporation’s contract at 1801 Vine Street, a proposed luxury boutique hotel, was cancelled by the city of Philadelphia. The city said the decision was made "in consideration of the impact of COVID on the hospitality market."[1]
Reason for the change: This information in this section reads like a press release or news content.
