Tuesday, October 28, 2014
If you are from the Philadelphia area, you have probably heard the moniker "Workshop of the World" before. Whether it was from your grandparents, your parents, or from a local textbook or historian.
WOTW was how Philadelphia was referenced "back in the day" (as we say around here), and it was largely driven by our region's abundance of coal; a cheap source of energy back then. Coal powered Philadelphia's factories, homes, you name it.
Post-Civil War, from about 1880-1920, Philadelphia represented the world's greatest collection of skill and diversity in manufacturing. So much so, that our industrial workforce was about 250,000 people strong ... and that was almost 150 years ago! But what really made Philadelphia unique in comparison to similar cities of its time (e.g. Boston, Pittsburgh, Baltimore, etc), was that we didn't just rely on a few large companies to drive our local manufacturing economy. Philadelphia became an incubator for smaller/medium-sized workshops, where those who maybe once worked for large companies broke off and started making specialized products of their own; let's call it "entrepreneurial manufacturing."
Is it just me, or is this back-story beginning to sound a bit like where Philadelphia is going today; but replace "manufacturing" with "education/medicine/technology."
Now, back to my title: Workshop of the World, Part II.
Phil Rinaldi, the CEO of Philadelphia Energy Solutions (the old Sunoco operation in Southwest Philadelphia), is the man responsible for turning the local refinery around and looking toward Philadelphia's energy future. Natural gas from the Marcellus Shale reserve is currently been "fracked" in PA and being shipped all over the world. But as it stands today, Philadelphia could be seeing more local job action from the current boom.
If the natural gas boom comes to Philadelphia, it could potentially reinvent our local economy.
If it sounds too good to be true, there is always the possibility that it may be. Not only would a gas boom create thousands of jobs, for both blue and white collar workers, but it also has the potential to impact our area environmentally (and not in a positive way). That is where the lines are drawn.
Fracking is sometimes viewed as an environmentally hazardous industry; but when the word "jobs" comes rolling around, politicians and business leaders start to dream big.
As it stands today, most of the Marcellus Shale gas is being sent to Louisiana, where it is refined and shipped. But if the shale reserve is in PA (not LA), why aren't we sending the natural gas to Philadelphia for refinement? It's closer, it's a big city, and it keeps everything local.
That's the question local experts are starting to ask. Can we set up the proper infrastructure (namely, new/larger pipelines) to handle the amount of gas refinement, shipping, and exporting needed; and can we also create the amount of new jobs necessary in order to become a refining destination?
The answer is, yes. We have the workforce, we have the rail lines, we have the ports, and we have the leaders to put all of that together.
But ... here are some concerns to think about:
Under what "conditions" would/should Philadelphia take on this challenge?
Would this endeavor take away from our green/sustainable efforts over the past decade?
Since natural gas is a finite resource, does a push to create a natural-gas-based economy hurt the next few generations of Philadelphians?
Are we trying to plan for the short-term, or the long-term?
These are the concerns that many people have, and with good reason. Creating the pipelines necessary to run natural gas from the Marcellus Shale directly to Philadelphia is very similar to gambling.
If we win, we'll win big. If we lose, we'll lose big. Those results will also play a large role in Philadelphia's local real estate market.
Unfortunately, there are almost too many details to discuss in this blog post, but the possibilities for Philadelphia to embrace this opportunity are basically endless. At the end of the day, it will take a lot of planning, discussion, and forward-thinking to do it right.
Here is a link to "Energy Boomtown PhillyStyle," from WHYY. You will get a lot of great information if you listen to the hour-long segment.
Thursday, October 9, 2014
|Photo courtesy of HuffPost Travel|
Not quite sure what my title means exactly? I felt the same way ... until I read this entire article.
When we think of "destination cities," we think of places we would like to visit and/or potentially move to. That's really what makes these places destinations. There are lots of things to see/do, the population is increasing, there are job opportunities, and the culture is cool.
That's why I would want to visit/move-to a new city, wouldn't you?
Well, Philadelphia just cracked the Top 10, and for very valid reasons. Here is a breakdown of why we made the list:
- "Philadelphia is a multi-faceted destination:" As stated in the report, "Philadelphia fuses colonial American history with contemporary charm." For those who have never been, 2014 Philadelphia is a healthy mix of both "old" and "new." When referring to the "old," our city has tons of history, established businesses, eclectic neighborhoods, and generations of locals. It's what separates Philadelphia from a majority of other US cities. When referring to the "new," our city is experiencing a real estate development boom, population increases, new city residents from all over the world, and a culinary scene that can only be matched by a few other US cities. That is what makes Philadelphia multi-faceted, and keeps us competitive with other US cities. That is also why we had 39 million visitors in 2013, with a sizable increase in international travel.
- "Philadelphia is compact and easy to navigate:" I don't think anyone would argue with this one. As for overall city population, Philadelphia currently ranks 5th (behind NYC, LA, Chicago, and Houston). As for city population density, Philadelphia also ranks 5th (behind NYC, San Francisco, Boston, and Chicago). The fact that we fall in the same spot for both means that we have a large, dense, and urban city; not to mention that our public transportation infrastructure is expansive and far-reaching. In other words, the average Philadelphian can get from Point A to Point B fairly easily, and at a reasonable cost. This not only adds to Philadelphia's overall quality of life, but it makes our city an attractive place to live. As many have said before, including myself, Philadelphia is a very manageable big city.
- "Center City is packed with museums of all stripes, as well as historic monuments:" Every city has its focus area. This is a city's lifeblood, and it feeds into other aspects of the surrounding metro area (e.g. jobs, tourism, etc). For Philadelphia, this area is Center City. Not only is CC the cultural and entertainment hub of Philadelphia, it's also the most popular place to live in the city. Neighborhoods like Rittenhouse Square and Old City offer Philadelphians the option to live in a low-rise, historic neighborhood, but still be within walking/biking distance to jobs, restaurants, shopping, and public transportation. On top of that, Philadelphia's best museums and historic sites are located within the Center City area as well. This means that both visitors and residents interact on a daily basis, which adds to our city's charm and appeal.
From someone who's job involves working with clients from all over the world, Philadelphia's current reputation far surpasses what some locals recall from years past. We are a city on the rise, and the future is bright.
Monday, September 29, 2014
|Past rendering of 8200 Germantown|
It's not everyday that I can talk about large-scale development in Chestnut Hill. The same could be said for other popular Philadelphia neighborhoods like Rittenhouse Square, Society Hill, Washington Square, etc.
Why, you may ask? Well, there really isn't any land available to develop in Chestnut Hill.
Enter, urban infill.
The old Magarity car dealership (which for some odd reason, people ask if they are my relatives; Garrity ... Magarity ... anyway) has made way for a new mixed-use project in one of Philadelphia's most established neighborhoods, Chestnut Hill.
Now enter, Bowman Properties.
For years, BP worked with local neighborhood groups to approve a sensible project for this site; mixed-use on a busy commercial corridor. It took some time, as well as compromise from both sides, but it was officially approved about a year ago. Not only will this project add a much needed/walkable grocery option to Chestnut Hill, but it will also incorporate a residential element to the plan; currently calling for 17 condos.
Although some local neighbors were not in agreement with the scale/density/parking/traffic, the Chestnut Hill Community Association (CHCA) helped both parties reach an agreement and is in full support of the project.
"It is an important development and significant to the continuing upgrading and economic health of the avenue," stated Will Detwiler, who is President of CHCA.
Personally, I agree with Detwiler. This is a great project for Chestnut Hill.
In a city like Philadelphia, with the amount of history and density we have, new construction development (whether it's residential, commercial, or industrial) always requires a lot of due diligence.
Why, you may ask? Well, there are a few reasons.
First and foremost, land is scarce. Most of Philadelphia's new development is considered dense/urban infill. Meaning that someone is building where something used to be, or someone is building in close proximity to surrounding neighbors/businesses. Philadelphia doesn't really have huge swaths of raw land just sitting around waiting for developers to come by and buy it. Most of Philadelphia's land (even larger parcels) has been bought many times over, been reimagined more than once, or is being prepped for the next visionary.
Second, Philadelphia is a provincial town. So much so, that locals still even refer to Philadelphia as a town (like I just did myself). Generations of Philadelphians have been born here, have raised families here, and have passed on their assets/wealth to their heirs. Sometimes it's a good thing, and sometimes not; as not everyone wants to be involved in real estate. Bottom line, there are many people in Philadelphia who are resistant to change due to our city's storied history and localized culture.
Finally, there is a major renaissance taking place in Philadelphia today. Lots of new people have moved here from all over the world, and they want to create positive change in the city; many times, through development. Real estate in Philadelphia is considered inexpensive when compared to similar metropolitan areas of both size and location (namely Boston, New York, and Washington DC). Philadelphia's affordability and ideal location has sparked interest from global investors who may not always have the public's best interests in mind; it's a number-based decision for them. This has caused some neighbors to resist new development in Philadelphia.
So in an established/historic neighborhood like Chestnut Hill, where there is not much land to be had for projects of this size/magnitude, it's understandable why the local community wants to have input. As this project has shown, neighbors and developers can work together for both the pursuit of profit as well as the greater good.
I look forward to seeing it completed.
Thursday, August 28, 2014
So, what the heck is Centre Square, you may ask? Well, it's actually the original name given to where City Hall sits today.
When Billy P (aka William Penn) founded Philadelphia back in 1682, he created one of the first major grid systems in the US. The purpose of using a grid plan was to create wide streets (which are considered narrow today) with right angles, for ease of planning and to avoid overcrowding. The planning aspect definitely held up, but overcrowding did not; just like it did not in New York, Boston, etc.
Anyway, with Billy P's master grid plan also came Philadelphia's 5 Original Squares: 1) Southwest Square, 2) Northwest Square, 3) Southeast Square, 4) Northeast Square, and 5) Centre Square. You now know them today as: 1) Rittenhouse Square, 2) Logan Square, 3) Washington Square, 4) Franklin Square, and 5) Philadelphia City Hall.
There's your free history lesson for the day, and from someone who is not certified to teach it.
Okay, back to the luxury hotel project at 15th St & Chestnut St.
If you are not familiar with where this is exactly, it's the surface parking lot directly behind the Ritz Carlton Residences (just across from City Hall). The parcel sits on the northeast corner of 15th & Chestnut, to be exact.
The reason I feel that this project is significant is not just for tourism, but for everyday street life. It fills a missing gap in a busy Center City block (surface parking lots are very 1980s these days), makes great use of density/scale, brings 2 new names in luxury hotel living to Philadelphia, and will have ground floor retail for all to enjoy.
And since Philadelphia has gotten better at planning over the past few years, with the new zoning code and all, it appears that most developers are putting forth projects that offer "smarter" features (e.g. mixed-use, underground parking, sustainable design, etc).
Now that Dilworth
Saturday, August 16, 2014
For starters, let's define what the term "global city" actually means.
Here are a few different definitions I found:
A city in a position to realize the economic coordination of complex activities at a global scale. It is through economic coordination that a city will gain a strategic position in the global economy, and the concentration of this function makes it different from other cities. - Research Gate
What constitutes a global city, is an emphasis on the flow of information and capital. - Saskia Sassen
A city generally considered to be an important node in the global economic system. Globalization can be understood as largely created, facilitated, and enacted in strategic geographic locales according to global finance and trade. - Wikipedia
Although it may seem a bit complex after reading those textbook definitions, the concept is relatively simple.
Does Philadelphia play a role in the global economy? Some say "yes," others "no."
The article that inspired this post was from the Philadelphia Business Journal, and it discussed how Philadelphia needs to get better at retaining its talent. The article states:
"Home to some of the world’s best universities, medical institutions, arts and cultural organizations, research centers, booming legal, business, finance sectors, and a steadily growing tourism industry, Philadelphia is the perfect place for talented young graduates. They can give back to the city that nurtured them while they pursued their educational dreams and interests. Opportunity abounds!"
Okay, so what's the problem then?
If we already have enough opportunity, and are already attracting young talent through the aforementioned channels, why are we not a global city today?
Well, there are 2 general issues Philadelphia has been up against.
- Education Crisis: If you have not heard about Philadelphia's public school system woes as of late, you must not watch TV, listen to the radio, or read the news. Our public school system is struggling, and the main issue all 3 media sources focus on is funding. I could show you stats, budgetary items of concern, and share articles from local experts, but that's not going to help. Until Philadelphia's local political system and PA's state political system get on the same page with a well thought out plan, the problem will most-likely persist. If the problem persists, how can Philadelphia retain global talent?
- Workforce Gaps: Philadelphia can sometimes be looked at as a tale of two cities, the "haves" and the "have-nots." I know that this is also common in other big cities, but Philadelphia is at the forefront. It's not that people in Philadelphia cannot find work, it's that they have to go outside of Philadelphia's borders to find it. Although many people live in Philadelphia, many of them also have to commute to the suburban metro area for their jobs; and vice-versa. Why is that? I could get into wage taxes, business taxes, pensions, city council, and politically-fueled union issues, but that's not going to help. Until Philadelphia's local political system and the private business community can come together on big issues, the problem will most-likely persist. If the problem persists, how can Philadelphia retain global talent?
Please do not take my points/opinions as the "be all, end all," but rather look at them in your own way and think about ways to improve upon them. These are issues that I see, nothing more.
I do not have the answers, but as someone who grew up in Philadelphia's suburbs for 18 years, and has lived in Philadelphia for 17 years, I can tell you that the strategies, communication, and mindset of both locales are different. Which may be why Philadelphia's suburbs have grown most of the local jobs, and Philadelphia has lagged behind for decades.
I truly believe Philadelphia has all of the tools necessary to become a successful global city. We just need to utilize those tools in a more cohesive way, and give all of the global talent that comes through our great city more reasons to stay.
Sunday, July 27, 2014
|"Historic Architecture in Philadelphia: East Falls, Manayunk, and Roxborough" | Joseph Minardi|
Looking for the latest and greatest coffee table book to show off to your family, friends, and neighbors?
I'm not talking about Kramer's, "Coffee Table Book ... About Coffee Tables." I'm talking about something local, something cool, and something unique.
Joe Minardi and I met years ago when he first started to compile his latest work titled, "Historic Architecture in Philadelphia: East Falls, Manayunk, and Roxborough." Since I live in Roxborough myself, he had reached out to me about getting in touch with some of the local Myk/Rox homeowners who lived in historically significant homes. As a real estate agent, my idea was to find homes that fit within Joe's criteria and then reach out to other agents who had homes listed for sale. With the owners' permission of course, Joe started shooting Philadelphia's real estate history; one home at a time.
After Joe released his EF/Myk/Rox book in May 2014, we decided to meet up and chat about how it came to be.
Tim Garrity: What inspired you to write about Myk/Rox/EF?
Joe Minardi: This is my 3rd Philadelphia book. Each book focuses on different neighborhoods, and I've always had EF/Myk/Rox in mind as a subject. Typically, I target my books based on historic significance and architecture; it must be well preserved from the earliest period of the colonial era, up to the revival styles of the earlier 20th century. Pre-Modern architecture, is also a better way to put it. Pre-Modern encompasses a wide variety of styles in the Victorian era: Greek Revival, Early Italianate, Second Empire, and Queen Anne. These styles are mainly centered around European influences.
TG: How has this area differed from your other architecture-inspired books? In other words, what makes EF/Myk/Rox unique?
JM: The uniqueness of the EF/Myk/Rox area is its industrial past. That and the fact that many homes in the area were built with Wissahickon schist, a local stone. Over time, these homes have almost acquired an ancient aura to them. This area also has many factories/mills that have been re-purposed and modernized, which presents a story in itself. Ex-factory owners lived in the larger homes on top of the hill (aka Roxborough). Those owners really enjoyed the ruralness of the area. In Upper Roxborough and the Shawmont Valley, it's interesting to look back to Roxborough's rural period. It never developed like other parts of Philadelphia, and still remains rural today. Henry Howard Houston owned most of the land when he died in 1895. He was the one who inspired Chestnut Hill's plan and future growth. Samuel Houston, his only surviving son, built the Andorra Shopping Center (early 1950s). Which was a different model of growth.
TG: If you had to pick a favorite home/building in this book, which one would it be?
JM: (Laughs) As for a favorite, that's a tough question. If I had to pick one building, I was blown away by St. John the Baptist church in Manayunk (where Silverwood St and Rector St meet). It's probably the nicest church I have seen in Philadelphia, aside from the Cathedral Basilica of Saints Peter and Paul. Another local building to note was St. Timothy's Episcopal Church on Ridge Ave, it was magnificent! What a great church. If I had to pick one home, 347 Green Ln (owned by Louise Fischer) was my favorite. It stood out to me as it was built in the early 1900s, and it was done in the Tudor Revival style. Original plumbing fixtures, woodwork, and tile work from the 1920s. Louise refers to it as "The Great Gatsby House." There was another nice home (circa 1865) in Upper Roxborough, done in Italianate Style, and it actually had a root cellar framed in dolomite; which was amazing in itself.
TG: Aside from the home I got you into, how did you get in to shoot most of these homes?
JM: Knowing local people, which you helped with. Kay Sykora was instrumental and gave me some very good leads. Then there was good old-fashioned research. I would reach out and schedule meetings with current owners/tenants and ask, "Would you mind if I came in to do a photo shoot?" Since I am from South Philadelphia myself, I had to reach out to local, neighborhood people.
TG: Where can readers go to get their copy?
JM: It's available for purchase at The Spiral Bookcase (Manayunk), AIA Bookstore (2 Philadelphia locations), Joseph Fox Bookshop (Center City), UPenn Bookstore (University City), as well as on Amazon.com and lots of other places online.
TG: Any other Philadelphia-inspired books on the horizon?
JM: Yeah, I have some other ideas. I'm trying to come up with an appropriate title for one of my concepts, which focuses on Philadelphia's residential architecture from the late 19th century to the early 20th century, back when Philadelphia was referred to as "The Workshop of the World." The factories here made just about anything used anywhere on Earth, which grew our city and our architecture. I'm working on it.
Joe hopes that his books will inspire people to preserve what we have in Philadelphia (e.g. The Bunting House, Roxborough). He wants to give people perspective into Philadelphia's history and culture, and wants them to "rally to the cause."
If you want to help support Joe's mission, pick up a copy of his latest book as well as any of his other books.
Friday, July 18, 2014
|Image courtesy of the Philadelphia City Planning Commission|
That's right, my home-sweet-home.
Please bear in mind that Northwest Philadelphia is a large area (East Falls, Manayunk, Roxborough, Chestnut Hill, Mt Airy, and Germantown), which is why the Philadelphia City Planning Commission (aka PCPC) has separated NW Philadelphia into 2 sections: Upper Northwest and Lower Northwest.
The name of PCPC's comprehensive plan is called "Philadelphia 2035." It's pretty cool, so check it out when you have time.
As for these two "districts," Upper Northwest is basically any/all neighborhoods north of the Wissahickon Valley area (e.g. Chestnut Hill, Mt Airy, and Germantown), and the Lower Northwest district is any/all neighborhoods below it (e.g. East Falls, Manayunk, and Roxborough). Now if you really want to get technical, the Lower Northwest also includes smaller sections like Andorra, Shawmont Valley, and Wissahickon, but they are referred to as "enclaves" and are all part of Roxborough anyway (aka 19128).
Okay, so there's our foundation. Now let's chat about what's going on.
From a resident's standpoint, as I am one, there has been a lot of pressure from the neighborhood to stop and/or slow down some of the new construction development that has taken place over the last 10 years.
Well, there are a few reasons.
First, development in Manayunk/Roxborough (aka 19127 + 19128) has been a hotbed of activity in relation to the overall number of permits issued for the entire City of Philadelphia (see this article for more details). Second, some of the older/larger homes in Myk/Rox sit on large parcels of land. If the property needs a lot of work, it usually makes more financial sense to tear down and build multiple homes (which developers have already done, and without much/any community dialogue). Lastly, there is no comprehensive plan currently in place for developers to follow. Which basically means they can do whatever they want once the permit has been issued.
Hence, pressure from the local neighborhood.
From a real estate agent's standpoint, as I am one as well, I have a front row seat. Meaning that my daily job is to help both buyers and sellers find what it is they're looking for (a home, a rental, an investment), and explain either how it will benefit them to purchase it or not. So as both a resident and a real estate agent, I can see both sides.
Well, there are a few reasons.
First, the neighborhoods of Manayunk and Roxborough are great places to live. Biased? Maybe, but you can read more stats here that help support my opinion. Second, there is a lot of opportunity to buy Myk/Rox homes/land to live in, rent out, or rehab/build and resell. Lastly, when real estate developers look for spots to put their money (in the hopes of creating a return on their investment), there is a lot of opportunity to build new and rent/sell in both Manayunk and Roxborough.
Hence, there is opportunity in local real estate.
So as you can see, there are two sides to every story as well as pros/cons to both sides. I happen to see why both sides are doing what they're doing, which is why I choose to remain neutral on the subject.
On the one hand, I want to see my local neighborhood thrive, improve, and remain one of the best neighborhoods in all of Philadelphia. On the other hand, I don't want to see history/culture erased because money can be made.
It's a tough subject to discuss, and I welcome any/all readers to chime in with comments. I'm also always happy to answer your questions as best I can.
Once more, here is the article that inspired this post.
Tuesday, July 8, 2014
Maybe, maybe not. But here is something to think about.
As the US population continues to choose cities over suburbs, the job landscape in cities is adjusting to meet that growing demand. People today want more (and better) choices for where they live their lives, choose their jobs, and enjoy their free time.
This is where Innovation Districts come in, and cities in general.
First, let's define what an Innovation District is. According to Bruce Katz at the Brookings Institution, the definition of an ID is as follows:
"A geographic area where anchor institutions and companies cluster and connect small firms, start-ups, business incubators, and accelerators. The area is physically compact, transit-accessible, and technically wired. The options for mixed-use housing, office, and retail are all present."
The two main areas in Philadelphia that meet those criteria are Center City and University City. The Navy Yard is not far behind, but it's still lacking in the housing and retail areas (although there are plans for more of that in the near future).
To redefine, isolated campuses in the suburbs that corporations have been flocking to for decades are slowly losing their appeal. Reason being, Innovation Districts are changing the model due to both the appeal of urban areas and the need for today's corporations to collaborate more.
So, I found this cool article, saying that University City was recently recognized as 1 of 7 IDs (in the entire US) that are "on the rise." Katz from Brookings was quoted as saying, "We identified seven examples in our paper of districts to watch, and University City in Philadelphia, we think, has enormous potential, only a portion of which has been realized."
Part of the reason University City was recognized was due to its accessibility to transit, its "iconic presence," and its track record of attracting start-ups and entrepreneurs.
Good news for UC and Philadelphia!
Wednesday, June 25, 2014
|Rendering of Girard27 | Courtesy of Hidden City Philadelphia|
If I've said it once, (or about 6 other times on my blog ... here, here, here, here, here, and here) I'll say it again: Brewerytown has momentum.
Not the kind of momentum where real estate developers, speculators, buyers, and tenants are guessing that Brewerytown will be one of Philadelphia's hottest neighborhoods. Brewerytown is one of Philadelphia's hottest neighborhoods for real estate.
Both commercial and residential alike.
If you're already familiar with B-Town's recent success, you're ahead of the curve. If you're not, here's how I personally look at Brewerytown's current situation.
West Girard Ave (between N 32nd St & W College Ave) is a perfectly-sized "Main Street" for the dense, historic neighborhoods that surround it (i.e. Brewerytown, Templetown, Fairmount, etc). Stretching about 6 city blocks, this swath of W Girard offers mixed-use potential, interesting architecture, reasonable rent, and a captive audience.
Not too small, and not too big.
So, why am I even mentioning this commercial strip? Because it's potentially turning Brewerytown into the next Manayunk ... the next Fairmount ... the next Graduate Hospital ... the next Cedar Park and Spruce Hill.
Those neighborhoods are all thriving today based on the same, traditional, old-as-time concept: community. Where the community is strong, the neighborhood is strong. And because Philadelphia was built/planned to embrace tight-knit communities, this concept still rings true today.
Now that Girard27 has been planned for N 27th St and N Taney St, and received a decent enough reception from both long-time and newbie residents, my opinion is that this corridor now has a legitimate anchor. The new Bottom Dollar supermarket was a nice touch on the western border, and the Braverman project (which is just across the street from Girard27) will only add more appeal. Also, let's not forget about some of the other small businesses along W Girard (i.e. RyBrew, Shifty's Taco, etc).
Needless to say, Brewerytown is coming into its own.
Although this may seem like old news to some, especially those who already live in the immediate vicinity, I felt that adding a professional real estate opinion would help bring the good news home; and also provide a different perspective from someone on the outside, looking in.
For those who have never been to Brewerytown, or have not visited for a while, good things are happening ... and the timing seems to be perfect.
Thursday, June 19, 2014
|PREIT's rendering of the new Gallery at Market East|
The Market East section of Philadelphia that is, not the regional transportation hub.
Maybe it's just me, but almost everywhere I look in the local media these days, people are buzzing about Market East.
Some of those discussion topics, over the last year or so:
Times Square-esque Digital Signage
Everyone is talking, and for good reason. Out of all the original Center City neighborhoods (Logan Square/Circle, Rittenhouse Square, Washington Square, Society Hill, and Old City), Market East (or Center City East) is really the only one left with copious amounts of potential.
All of the others have already been redeveloped, or are in the process of.
The reason I found this story so blog-worthy, was because of that aforementioned potential. Center City has become so prominent/noticeable in Philadelphia's comeback story, that it has literally spawned an entire army of coveted neighborhoods.
Passyunk Square + East Passyunk
The #1 reason why these varying and unique neighborhoods have caught fire within the local real estate market, is because of Center City's success (and University City's too, if you want to get technical).
Original Center City has become expensive and is short on supply, which is why the spillover demand has landed in these neighborhoods. In reality, there was really no where else to go but to follow the concentric circles.
Now, it's not just because of CC + UC that Philadelphia has changed so much over the last 20+ years.
As you can now see, the demand is spreading all over town, into historic neighborhoods, and for different reasons. Main Streets, universities, small businesses, networking groups, night markets, food trucks, and everything in between.
Market East may currently be the trendiest name in town, but it sure is not the last.