Category grays ferry

Has Penn just secured an anchor for Grays Ferry?

Rendering of South Bank

 
Just last week, the University of Pennsylvania (aka Penn, UPenn, U of P) released detailed plans for a large urban/commercial/educational project called South Bank.

This development is part of a larger vision for the university, known as Penn Connects 2.0. The main goal is to continue expanding their local and global presence, create more open space, and create more jobs for both students and Philadelphians alike.

In other words, Penn wants to make Philadelphia a more promising career choice location for its alumni. IMHO, the city could not ask for a better long-term partner than that.

So why did I choose that blog post title?

First and foremost, I always go back to the golden rule of real estate: Location, Location, Location. There is a reason that saying exists, and why it will most likely never go away. You can change what’s on the land, you can change the exterior of a home, you can change the interior of a home, and you can even change your landscaping, but you cannot change the location.

It’s the reason people move, find new jobs, raise families, choose school districts, and so on and so forth. Location controls prices, taxes, and public services. It can be the reason why some neighborhoods thrive, while others decline. It’s the base of any area’s long-term strategy.

Still looking for some more information on that blog post title?

Well, from a Philadelphia real estate agent’s perspective, you don’t have to look too much farther than Center City and/or University City to understand how important location is. There is a reason these two sections have done so well over the past 10+ years, and it’s not because they have the best cheesesteaks in town. In fact, CC and UC are probably the last places I would go to get a quality steak. I mean hey, I live in Roxborough where local competition creates some of the best quality steaks in the US.

Sorry, sorry; getting off topic a bit. Back to South Bank and Grays Ferry.

South Bank has some cool things going for it, which help make it a potential anchor for Grays Ferry. Now, let’s get to it:

1) South Bank is on the Center City/Grays Ferry side of the river: There is a reason Center City and University City are so distinct, they have a firm boundary line between them. And no boundary could be more firm than a river; in this case, the Schuylkill River. Although both sections have a great mix of jobs, schools, and retail/entertainment, CC is better known for business while UC is better known for education. Hence, two separate sections with two separate plans. Now that Penn has jumped the river, into South Philly and not into Center City mind you, it creates an opportunity. And no other South Philly neighborhood is closer to South Bank than Grays Ferry.

2) South Bank wants to become a breeding ground for new, innovative, and small businesses: Where there are start-ups, there are young professionals. Where there are young professionals, there are new businesses setting up shop. Where there are new businesses setting up shop, there is a demand for housing. Where there is a demand for housing, prices go up. When prices go up, people are happy. I don’t know how many more connections I can make here, but I’m sure you’re following along. This is how local economies are built, and it could have a significant impact on Grays Ferry.

3) Grays Ferry is reasonably priced for its location: There’s your tip of the week. It happened in Graduate Hospital, and it’s happening in Point Breeze. Grays Ferry may have been a longer stretch without any firm support from UC, but it looks like they may get it if South Bank delivers on its promises. GF already has the following positive attributes: close to jobs, close to highways, close to public transportation, and close to recreation (the Grays Ferry Crescent was a nice addition in 2012). Couple all of that with reasonably priced homes, compared to neighbors in Center City, Graduate Hospital, and Northern Point Breeze, and you have a recipe for potential.

Some may look at a project like this and think it’s just the same old thing. “Penn’s getting bigger, so what? They’ve already been doing that for years.” Well, I’m here to tell you that there may be bigger potential just by looking at a map.

As both a Real Estate Agent and a Realtor (there is a difference between the two), there are guidelines and ethics we live by to help make sure we do not “persuade” and/or “convince” clients that one area is better than another area using our market knowledge. That real estate tactic is commonly referred to as “steering,” which is both illegal and unethical. One of my main goals when starting this blog was to help educate the public on what’s going on in/around Philadelphia, the city I call home.

When I look back at the over 200+ blog posts I’ve written since Philly Urban Living’s inception, back in 2011, I can see that my original goal is still going strong today.

I have all of you regular readers to thank for that.

Is Washington Avenue West the key to South Philadelphia’s growth?

One of the new businesses along Wash Ave West | Kermit’s

 
In short, yes.

There has been significant residential growth, both north/south of Wash Ave West, over the last 10 years. So much so that the buyer demand to live in Graduate Hospital has literally spilled over into the northern part of Point Breeze. Which in turn, seems to slowly be heading west toward Grays Ferry.

That is a story for a different day, and one that I have blogged about before; so feel free to check out some past posts (here and here) before moving forward with this one.

If you read regularly, you know that I like to break things down to keep it simple. So, here’s how I would look at all of this:

1. The Missing Link: That’s what I classify Wash Ave West as, the commercial presence needed to properly join NoWa (North of Washington Ave, aka Graduate Hospital) and SoWa (South of Washington Ave, aka Point Breeze and Grays Ferry). When Graduate Hospital really started to come into its own as a neighborhood reborn, what happened? South Street West took off. So much so, that South Street West has the same, if not more, energy as South Street East. It has literally connected Rittenhouse Square & Fitler Square with Graduate Hospital; forming one cohesive, consistent part of Philadelphia.

2. Spruce It Up: Easier said than done, but as this article states, plans are already being discussed. The dilemma for an area like Wash Ave West is nothing new for historic commercial corridors in Philadelphia; long-time residents and business owners are typically resistant to change. And for good reason, it’s their livelihood. Who would want that taken from them; answer … nobody. But resisting change, just because, is not a good strategy. There are lots of new businesses moving in, whether long-timers like it or not, and those businesses mostly cater to the area’s new residents. In order for this corridor to grow and move in the right direction, the boulevard needs to be cleaned up (i.e. trash, sidewalks, street configuration, etc.) so that both businesses and patrons can thrive with it. If done right, it can help both long-timers and newbies alike; slippery, but doable.

3. Embrace The Culture: In order to make Wash Ave West new, some of the “old” needs to be recognized. One idea in this article is to turn the area into a Design District. Keep all of the mom-and-pop home improvement shops, and fill in the gaps with new commercial and residential. With the changes that have already taken place both in NoWa and in SoWa, there is too much commercial as it stands today; which means a mixed-use approach should do the trick. Think large residential anchor projects, surrounded by the existing businesses and smaller/new businesses.

Anyway, that’s my take.

When faced with a situation like this, I don’t think the goal should be to just go in and change everything. On the flip side, not doing anything and resisting the changing demographic won’t help either.

No matter how this all plays out, you can be rest assured that Wash Ave West will look different in the years to come.

Development in Point Breeze is already moving west

25th & Ellsworth – Point Breeze

 
If you recall a recent post that I did on CHOP’s new development in/around Graduate Hospital / Point Breeze / Grays Ferry, my point was centered around the PB/GF neighborhoods and the importance of securing anchor projects (like CHOP’s).

Now whether these anchor projects are residential or commercial at this point is moot, because what this area really needs as a whole is a stiff jolt in the arm; new growth. That jolt is productive development that will enhance the local micro-economies of both PB + GF, and increase the population in/around these neighborhoods without jeopardizing the stability of its current residents.

Tall order, but this is a start.

What this small’ish, residential project really does is increase the likelihood that Grays Ferry will indeed become a fringe/spillover neighborhood, at some point in the not-to-distant future, to G-Ho. In fact I believe a development such as this is so important, that it can potentially expand existing neighborhoods (like what has been happening in Kensington). Hence, GF + PB = G-Ho Spillover.

This past post will also shed some light on why I feel this may be happening.

The other reason why I believe this project may create what I am now officially dubbing the “No-Libs Effect,” is because it is being built right next to a huge neighborhood barrier: 25th Street’s Elevated Train Trestle. This concrete monster is as visible a neighborhood barrier can be. Not only is it a pain to drive/navigate under, but it completely separates PB from GF; literally.

Building on the border, and next to an active train line, may actually be the first step toward the growth of these 2 neighborhoods. It will also help legitimize Philadelphia’s identity as an up-and-coming, modern city that’s changing for the better.