Category center city

Promenade of Lights

Back in 1993, when Ed Rendell was Mayor of Philadelphia, one of his goals was to really expand the Center City brand as much as possible. Since South Broad St has always been known as Philadelphia’s “Theater District,” Rendell decided to capitalize on our existing assets and jump start a new non-profit called “Avenue of the Arts.”

Nowadays when you drive down South Broad St, you would think that South Broad St has always looked this cool. Great architecture, lots of theaters, excellent restaurants, and high-end living accommodations. But the truth is, Avenue of the Arts was really what made that all happen.

To build on that success, there is a new plan brewing for North Broad St; and it starts with the “Promenade of Lights.”

Welcome to 2400 South

 
If you thought Naval Square was a big commitment by Toll Brothers to start developing more in Philadelphia (more specifically, in Graduate Hospital), they are starting a new project right around the corner.

2400 South is a $30 Million residential community consisting of 66 new townhomes (and eventually, 56 new condominiums; once Naval Square is closer to being sold out). This will be another huge anchor for one of Philadelphia’s hottest neighborhoods.

Question: Why is one of the largest builders in the country, that has consistently built in suburban environments throughout the US, investing so much in our city? Answer: Well planned new construction projects in Philly, that are priced right and built in the right locations, are currently selling at a very good pace. In other words, projects like this are bucking the trend that most new residential projects are currently facing. Young families are deciding to stay in the city, suburbanites are looking for more of an urban lifestyle, and the Center City area offers live/work/play options at affordable prices.

If you are interested in seeing what this project is all about, let me know and I’ll set us up with an on-site appointment. Most of my professional career was spent in the residential new construction industry, so be rest assured that you’re in good hands with me.

Philadelphia’s “Reading Viaduct Project” featured in the New York Times

 

I have to be honest and say that this project would be huge for Philadelphia.

Not only would it show that we are super serious about investing in Center City and its surrounding neighborhoods, but it would help spur tons of new development.

Look at these positive stats (…so far) from the construction of NYC’s High Line:

  • Construction Cost = $153 Million | Newly Generated Development = $2 Billion
  • Since High Line construction started, 29 new projects surrounding it have either been built or are underway.
  • Its a huge draw for start-ups and creative companies.

Now, I’m not saying that Philadelphia would see the same numbers as New York, but I can almost guarantee that the benefits would far outweigh the costs.

Learn more by reading this article.