Category development

Philadelphia’s new Mormon temple generates additional development

 

There is a lot going on in Philadelphia these days.

If you don’t believe me, just drive on I-76 East/West and/or I-95 North/South and count the cranes. Center City, University City, The Navy Yard, as well as many other neighborhoods, are building for the future (even in my own neighborhood of Manayunk + Roxborough). Some projects are commercial, some are residential, and some are both.

If you didn’t know already, The Church of Jesus Christ of Latter-Day Saints is currently in the process of building a new temple at 17th & Vine, which will be the first in PA. Two spires will top the Mormon organization’s 77th temple, and will cap out at 200 feet high. Overall, the new temple will have a unique look and blend in well with Philadelphia’s other neoclassical buildings along the Benjamin Franklin Parkway.

Okay, now on to the additional projects.

After the temple was approved and earth started in moving in 2013, a 2nd and 3rd building project was proposed in early 2014: 1) A Mormon Meetinghouse, and 2) A 32-Story Residential High-Rise. Although these projects coincide with the new temple development, they will both be open to the public (unlike the temple, which is limited to Mormon members). The meetinghouse will have a chapel, courtyard, and some multipurpose spaces. The high-rise will have over 250 apartments, over 10 townhomes, and retail space.

Mixed-use is a hot trend in Philadelphia these days, and rightfully so. We live in a dense city with great bones, so why not capitalize on vertical growth (as opposed to sprawl).

My whole point in blogging about this project is to showcase Philadelphia’s reputation as a world-class city. Not only did the Mormon church decide to capitalize on Philadelphia’s ideal Northeastern US location for their new temple, but they also realized that there is opportunity in our residential market as well.

And if they have the money to do it, why not invest in something they know.

Philadelphia is considered an affordable city with tons of history, culture, and restaurants/entertainment; not to mention our city’s storied history as being a place where religious freedom was one of the founding principles.

It’s nice to see other religious organizations taking note, and investing in Philadelphia’s future.

How do most Philadelphians get to work everyday?

 
Car?

Bus?

Train?

Subway?

Walk … Run … Bike?

The answer to this question is public transportation.

To put things into perspective, a recent study by the Center City District (CCD) and Central Philadelphia Development Corporation (CPDC) revealed that an astonishing 70% of Philadelphians use public transportation to commute to work. This includes all forms (e.g. bus, train, subway, etc).

Wow, 70%! That’s crazy high.

What does this mean, and why am I blogging about it?

It means that not only has the overall mindset among those living in Philadelphia changed from car-centric to commuter-friendly, but it also forces developers to start thinking differently about their current and future projects. Which in turn, changes the way development is ultimately decided upon across the entire Philadelphia region.

As PlanPhilly notes, 2 local developers were interviewed in this article. They both agree that access to public transportation is a key component during the development planning process.

And it should be.

If 7 out of 10 people already need public transportation to continue their current job commute, why would you build something that does not give them the option to access it easily? Since this trend doesn’t seem to be slowing down anytime soon, it’s only going to become more important in the years to come.

Please also understand that this type of thinking has large real estate implications as well. If 70% of Philadelphians prefer to use public transportation over a car, it will have an impact on home values as well. To be honest, it already does today in some parts of the city; including the neighborhood I call home (Manayunk/Roxborough). Most Manayunk/Roxborough buyers/renters, that I work with today, inquire upfront about their potential public transportation options for each home we view.

My guess is that this post will spawn future posts about public transportation and real estate, but for now, please enjoy a brief introduction to this change in preference.

University City’s growth labeled as a “real estate explosion”

Aerial View | University City, Philadelphia

 
I agree.

How else can you describe a small, dense, city-within-a-city that has seen local jobs climb from 50,000 to 72,000 in just over 10 years? That’s an overall increase of 44% (since 2001), and half the time was also during one of the worst recessions the US has ever seen.

Pretty impressive.

Here is a great quote from Matt Bergheiser, Executive Director of the UCD:

“It’s the land of opportunity here. Our general theme is onward and upward. It seems like every year we build on the amazing things that happened the year before. We broke some barriers and some of it is measured by data. We broke the 72,000 jobs barrier, we broke 43,000 student mark and we have more 6.5 million square feet in development either planned in a real way or under construction and a wave of residential development coming.

“Almost 2,000 new housing units are coming. That’s about 4,000 to 5,000 additional people or about a 10 percent increase in population by 2015. We continue to be a place where the concentration of economic activity is unmatched in all but a handful of places around the country. It’s important and critical for the city and region. When you get a lot brain power in a concentrated space, good things happen.”

Multiple posts have been written during my blogging career about how impressed I am with UCity’s growth, as well as their planning, decision making, and organization.

Here are some past PhillyUrbanLiving.com articles for further info consumption (in case you are either new to this blog, or just want a refresher), starting with the most recent:

– University City … meet “Drexification”
– More residential growth for University City
– What recession?
– More rental high-rises for University City
– University City is still thriving
– An “oasis” at Penn

Talk about a UCity overload, but I always find that it’s helpful to take one current, worthwhile article, and link it to past blog posts that I’ve done to bring the point home. It just makes for easier reading.

If you have not been to University City recently, since college, or since the 90s, now is as good a time as ever to drive down, walk around, and have a nice dinner while you’re there.