Category mixed use

Mixed-use is slowly becoming the norm in Philadelphia

 
What exactly is considered “Mixed-Use?” Well, in Philadelphia you can have C-1, C-2, and so on and so forth.

But what do those classifications actually mean? They mean that depending on what the developer wants to accomplish, he/she will have to conform to the City’s zoning code.

Philadelphia’s new zoning code (which was introduced in August 2012) was designed to meet 21st century demand: population increases in dense, urban areas. Therefore, the City is actually encouraging mixed-use projects throughout different neighborhoods; that is, depending on the neighborhood and scope of the project.

In my own personal opinion, a mixed-use project accomplishes a few things: 1) It allows the residents easy access to things they need (e.g. a local market, coffee shop, dry cleaner, etc.), 2) It allows the business to create a consistent flow of customers (by pulling/retaining business directly from the building), 3) It helps create a more dense, urban environment (which seems to be what every city is striving for these days), and 4) It can be more cost effective. Now #4 will vary with every project, but the goal is to create a “win-win-win” (a “win” for the resident, “win” for the business, and “win” for the developer).

If you like, throw in a fourth “win” for the City of Philadelphia.

PhiladelphiaPlaneto.com has produced a great story highlighting some mixed-use projects trying to hit the market in 2013.

Feel free to have a look-see.

Postgreen plans more mixed-use projects

Postgreen, the green/sustainable developer behind such projects as 100K House, Skinny Project, and Avant Garage, is planning more mixed-use projects in Kensington.

One of the projects, dubbed FRANK, will be 1-2 commercial spaces connected to 10 market-rate condos. The other “as-yet-to-be-named” project, will most likely be 1 commercial space connected to 4 market-rate apartments.

I have to say, not only is it encouraging to see mixed-use projects become the new construction norm for Philadelphia’s neighborhoods, but it’s also great to see developers believing in condos once again. Most of the larger and mid-sized projects currently being planned/built in Philadelphia have all been apartments, which makes sense given that rents are up and do not have an end in sight. But condos encourage home ownership, with an emphasis on first-time buyers.

The last real estate boom/bust created a huge oversupply of condos (not only in Philadelphia, but across the US), which drastically reduced their value. It wasn’t because condos didn’t make sense in a city like Philadelphia, it was because too many were planned to be built when the bottom dropped out and banks tightened up their condo lending standards due to high foreclosure risk. Hence, a larger drop in value than most single family homes.

As Postgreen continues to dominate the Fishtown/Kensington landscape, I’ll keep you posted on the status of their proposed developments. If you’ve never heard of Postgreen before and would like to learn more, check them out.

PCPC approves Canal Street North

Rendering of Canal Street North

Back in September, I blogged about an up-and-coming music venue planned for the corner of Frankford and Delaware Avenues in the Fishtown neighborhood of Philadelphia.

Click on the link above for more project details/specifications from my past post.

Well, it looks like the well planned, multi-purpose facility may finally get built; provided the developer meets a few more standard requirements and gets neighborhood approval.

The project dubbed Canal Street North, plans to house a concert venue (sponsored by Live Nation), a bowling alley, and a country-themed bar/grill. One really nice aspect of this project is that it seems to appeal to most parties by accommodating those traveling by car (500+ parking spaces), bicycle (60+ bicycle parking spaces), and public transportation (its within walking distance of the Market-Frankford Line).

What’s also cool about CSN is that its part of a bigger vision for developer Michael Samschick titled Penn Treaty Village. The vision has already begun to take shape with the redevelopment of two 8-story warehouses into upscale apartments (called Pennthouses at Penn Treaty Village). The goal of Penn Treaty Village is to combine 4 areas of focus: 1) Redevelop vacant land, 2) Combine both rehabbed and newly constructed buildings, 3) Forge connections to the Delaware River Waterfront, and 4) Turn Canal Street into a “Signature Philadelphia Street” (one that would eventually allow for pedestrian access only, which would be pretty sweet).

So although this may seem like just another project, there are larger implications for Fishtown, the Delaware River Waterfront, and the City of Philadelphia.