Category septa

The “King of Prussia Line” will change Philadelphia forever

 

As PBJ quotes, “All aboard the KOP Express!”

For those who are unfamiliar, KOP is a local acronym for King of Prussia, which is considered to be the largest mall in the US (when measured by total retail space). It’s a slippery slope, as Mall of America has more “stores.”

No matter which way you slice it, KOP is a big and awesome place.

Now, to address the article that inspired this post. There has been lots of talk as well as various plans presented (remember the Schuylkill Valley Metro) for a new rail line out to KOP … for years. For the most part, the plans were always too big and the cost was too extreme.

Enter, the “King of Prussia Line.”

Since SVM is basically dead, and the need for convenient rail out to KOP is more alive than ever, the simplest and most doable approach seems to be an extension of the Manayunk/Norristown Line. Over the last 2 years, there were 30 different options being explored based on location, number of stops, cost, etc. Those 30 options were then whittled down to 16 different options, and today there are only 4 options being considered.

In other words, progress is being made.

With over 30,000 jobs (just within KOP Mall and its surrounding office parks alone), and 25M visitors each year, $500M to get something like this done kind of sounds like a small investment to make for such a large and significant improvement. Not only will it make 76 East/West (in between Manayunk/Roxborough and KOP) more bearable to drive, but it will create a more efficient business/residential/tourist environment for everyone in the Greater Philadelphia area.

As for real estate, you only have to look at the Main Line for an example of transit oriented suburbia. This large part of suburban Philadelphia has thrived since the 1830s, when rail was constructed in areas like Malvern, and it continues to do well today due to it’s storied history, generational families, top-notch schools, and convenient location.

Today, it’s suburban areas like Radnor, Ambler, and Conshohocken that continually do well from a market value perspective, and much of it has to do with their access to convenient SEPTA rail lines.

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.

The skinny on SEPTA in 2012

 

 

If you have not heard already, SEPTA was recently named the “Best Transit System in North America.”

Really?!?

I mean, I’m not totally shocked … but really?

Stop and think about how big and convenient SEPTA is as a whole. Some people only take the train, so that’s all they know. Some take the bus, some take the subway, and so on and so forth.

To put it in perspective, this is how extensive SEPTA is:

  • 144 Total Routes
  • 117 Bus Routes
  • 13 Regional Rail Lines
  • 9 Light Rail Lines
  • 2 Subways
  • Much, much more.

That’s a pretty extensive system when compared to other US cities; big or small. Sometimes it’s good to know that what we have is considered to be the best.