Category high rise

New Philadelphia development will take a different approach to high-rise living

Marketplace Design Center
Marketplace Design Center, Philadelphia | Image courtesy of Bradley Maule

 
In general, apartment living in Philadelphia is pretty standard and predictable.

Your most common options are: “Studio,” “1 Bed,” and “2 Beds.” Once you need “3+ Beds,” the most common options are rowhomes, twins, or single families; not apartments/condos.

In 2015, the real estate status quo will shift due to changing demographics.

If you are unfamiliar with the Marketplace Design Center, let me paint the picture. When you are driving along I-76 (east or west) and you reach the downtown vicinity, there are multiple overpasses/bridges from both I-676 and Center City/University City connections. If you look across the Schuylkill River from I-76, you will see a large waterfront property with a giant mural on it. The mural is an ocean scene with whales swimming; officially known as Robert Wyland’s “East Coast Humpbacks,” circa 1993.

That’s the place.

Now that you have a point of reference, let’s talk about the latest project to grace the MDC (as there have been other recent attempts to redevelop the building, due to its prime location). PMC Property Group is looking to reconfigure the building into a modern, mixed-use destination (e.g. office space, ground-floor retail, hotel rooms, and apartments).

Unfortunately, it sounds like Wyland’s mural won’t make it through the rehab; bummer.

In order to fit all of these new elements, the building will expand vertically to accommodate the new apartments and hotel rooms. New entrances and lobbies will also make the building more inviting from the street.

What about the “different approach” you mentioned in the title? How does that play into this?

Okay, this is how Philadelphia’s new approach relates to a city like NYC. The apartment/condo lifestyle in Philadelphia mostly caters to 2 groups: students/young professionals, and empty-nesters. Reason being, most people in those demographic groups only need a maximum of 2 Beds.

But what if someone wants to keep their apartment/condo lifestyle after they start a family? This is what PMC wants to accomplish.

In NYC, you can get apartments/condos/co-ops with 3+ Beds (and even 4+ Beds). Meaning you can live in a high-rise building and still have a large living space. Reason being, NYC is the densest metropolitan area in the US; therefore, NYC grows vertically to accommodate population growth.

So, if Philadelphians are flocking to Center City to enhance their lifestyles and the population is rising, we should now offer the same options as well.

That’s why instead of the typical “Studio,” “1 Bed,” “2 Beds” approach, the new Marketplace Design Center will feature “1 Bed,” “2 Beds,” and “3 Beds” options in the residential section of the building. This can now cater to both young families (1-2 children) and extended families (nuclear families living with relatives); or, to those who just want/need more living space.

No matter which way you look at it, Philadelphia is currently experiencing a housing gap for the high-rise family lifestyle.

The project is expected to kick off in June 2015, so keep your eyes peeled for activity.

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.

New projects are increasing Philly’s curb appeal

Center City, Philadelphia | View from Penn Park

 
What is curb appeal exactly?

Well, according to Investopedia.com, curb appeal is defined as:

“The general attractiveness of a house or other piece of property from the sidewalk. This term is often used by Realtors trying to sell or evaluate a piece of property. There are many things that can increase the curb appeal of a piece of property. A new paint job, landscaping, and siding can go a long way toward accomplishing this. Though not as easily measured as something like square footage, curb appeal plays an important role in property valuation.”

This article lists and describes 5 projects that are changing Philadelphia for the better, in what they are calling a “cultural face-lift.” As an agent, I would call it curb appeal.

Curb appeal plays a big role in why someone would buy or rent a home. For starters, it’s their first impression of the home. Have you ever heard the expression, you eat with your eyes first? The same is true in real estate. Your impression of the exterior, yard, and block are the first things you digest (no pun intended) when looking at a home.

Hence, curb appeal is important.

That’s why I’m classifying these projects as enhancements to our city’s curb appeal. They make the city more attractive, and more desirable, to those who are looking to move here. Whether you grew up in the surrounding metro area, or you’re relocating from the west coast, Philadelphians are putting time and effort into making their city more appealing to the masses.

You can see the difference for yourself.