Happy Memorial Day Weekend!

aka Happy "Start-of-Philadelphia's-Summer-Season" Weekend!

Memorial Day Weekend is an important holiday weekend for the entire US. For the warmer parts, it's a 3 day weekend right before the start of summer; so it's not "as hot" yet. For the colder parts, it's a 3 day weekend that signifies summer is on its way; even though it may not be that warm yet.

For the Philadelphia area, which has a temperate climate (or technically referred to as Zone 3), it's the official start of summer. April and May bring warmth, rain, and lots of greenery. By the end of May, the cold is pretty much behind us and we can look forward to consistently warmer weather for the next 4-5 months.

What's also special about MDW in Philadelphia, is that it kicks off the summer season at the Jersey Shore (despite the damage that Sandy caused). Not the Jersey Shore you've seen on TV (aka Seaside Heights). I'm talking about the South Jersey Shore, which unofficially goes from Atlantic City to Cape May.

That is "Philadelphia's Jersey Shore," and that's also where most locals vacation from May until September.

If you happen to have your laptop (or tablet) with you this weekend, here are some good articles to read while you are boating, sunbathing, or just grabbing some drinks by the bay.

Enjoy the weekend, everyone!

Philly Urban Living's "Light-Reading List" for MDW:

• Inventing the future, at the Navy Yard

• Paine's Park is a hybrid public space

• Lower Schuylkill Master Plan gets a thumbs up from PCPC

Philadelphia has been recognized as one of the "10 Most Exciting Cities in America"

LOVE Park, Philadelphia

I've never seen this poll/ranking category before (brought to you by Movoto.com), but it looks to be pretty legit. Not in its title so much, but in its methodology.

And I'm not being biased because Philly made the list ... just sayin'.

If you scroll to the bottom of the article, it clearly maps out what categories they chose for the US' biggest cities, and what makes them exciting (or not). Most of the time with rankings, you really don't know what criteria is being used to do so; you just see the title.

Here, you do; which helps with legitimacy, IMHO.

Philadelphia has been getting a lot of good press lately (as you have probably seen from my past posts), and here's just another example of how the city as a whole is improving its image: locally, nationally, and internationally. Not only that, Philadelphia is improving on its functionality as a thriving, diverse, and exciting city.

Read on to learn more about our latest accolade.

Sales are up, prices are up, and supply is down

Click to Enlarge

As you can see from the above graph, real estate is picking up in Philadelphia.

Not only are prices rising, but the biggest highlight is that supply is down ... drastically (for both Total Homes For Sale and Months of Supply). Very good signs that things are improving from 1 year ago, and that the market is shifting from a "Buyer's Market" to a "Seller's Market."

Positive news for Philadelphians.

Philly Good Food Lab is coming to North Philadelphia

It looks like the coworking concept has now made its way to the local food industry in Philadelphia, as Common Market introduces Philly Good Food Lab.

If you're unfamiliar, here is Common Market's purpose: "We are a mission-driven distributor of local foods to the Mid-Atlantic region. Our mission is to strengthen regional farms while making the local bounty accessible to communities and the institutions that serve them. We provide the infrastructure to connect public and private schools, hospitals, universities, grocery stores and workplaces to good food grown by our region’s sustainable farmers."

To be honest, I have not heard much about them until now; but they're doing some cool things. Not only have they created a new business niche, but they are reusing old warehouse space in North Philadelphia.

Brilliant!

Okay, back to Philly Good Food Lab. The goal for PGFL is to bring like-minded food entrepreneurs and food companies together under one roof so that they can feed off of each other daily (no pun intended). By following the coworking mantra, the goal is for PGFL businesses to take advantage of a large and professionally set up space (i.e. 70,000 sq ft of space, dry and cold storage, loading docks, etc.), keep overhead low, and keep local networking high.

Sounds like an awesome plan, and I wish them the best of luck!

CHOP marches east with 2,000,000 sq ft of new development

Aerial shot of both University City and Center City, Philadelphia

CHOP's plan to go across the river on to the "Center City Side" of the Schuylkill, has been in the works for quite some time now.

The good news is that their latest meeting was the 4th installment highlighting CHOP's plans for growth in Graduate Hospital. It will bring jobs, new commercial space, and additional green space to the neighborhood; all to a semi-industrial area that is not producing any economic output right now.

Awesome news!

Here are some of the details:

• All new development on 9 acres of Schuylkill River waterfront
• Over 2,000,000 sq ft of new office space (commercial, and possibly retail as well)
• 4 phases (estimated to go from 2014/2015 - 2022)
• Multiple buildings
• Parking
• Green space
• Schuylkill River Trail extension (down to Christian St)

Wow, that's a pretty big project for Graduate Hospital, and it should help with real estate values in this already bursting-at-the-seams neighborhood.

What I really like about this project is that it will most likely become an anchor for even more growth in the neighborhoods surrounding it, such as Point Breeze and Grays Ferry. PB has already seen steady growth in its northern section (just below Washington Ave) due to the overflow of demand from G-Ho, and the need for more similar housing (rehabbed rows, and/or new construction townhomes).

Please bear in mind that G-Ho's/PB's current growth up to now has really all been due to its location (just south of Rittenhouse Square); with close access to Center City, public transportation, major highways, etc.

Grays Ferry, on the other hand, has not seen the same growth from G-Ho spillover that PB has. Probably because PB is a huge neighborhood (with lots of available housing), and can support the current demand from interested buyers and renters; GF is a little further west. But when you add another 2,000,000 sq ft of office space with high-paying, white collar jobs to G-Ho's back yard, what you will most likely get is more of the same type of housing. Hence, GF may also become a spillover neighborhood from G-Ho in the near future.

It will be interesting to see how this one plays out, from the start of construction to local neighborhood support (and/or opposition). If all of the medical related, new construction office space in University City wasn't enough for CHOP already, they are now integrating their organization with Center City; which I think is great for this part of Philadelphia.

All positive news.

University City ... meet "Drexification"

Long-term details for Drexel's "Campus Master Plan."

Back in 2009, Philadelphia Weekly did a story on the changing residential/commercial/educational scene in University City.

They called it "Penntrification."

But isn't new development, with additional retail, a good thing for Philadelphia? My answer would be yes, but this one has layers.

New development, good.

New commercial, good.

More jobs, good.

More students coming to Philadelphia for a first class education, good.

Small businesses suffering at the hands of larger corporations, bad.

Now, we can argue this subject all day, but I do believe that smaller business are typically on the losing end when larger, franchise-y businesses move in. Just look at Walmart, if you need a good, widely known example.

Again, my personal opinion.

On the flip side, I'm also a firm believer in "if it ain't broker, break it." Businesses that choose not to change, just for the sake of fearing change, typically have a hard time surviving these days. Today, the level of change needed to keep a small business healthy will vary from one to the next, but overall all small businesses should constantly be looking at ways to improve their general business model. Whether that's new sales revenue, higher customer service, or better curb appeal, having a fresh look for a small business is critical to keeping today's customer loyal. That's because the common expectation is, "What have you done for me lately?"

Drexel is now taking a page from Penn's book and planning ahead with an updated "Campus Master Plan." Most of what they are planning over the next few years seems very reasonable, and it should improve the neighborhood (i.e. new planters/benches, upgrades to existing buildings, etc).

But if Penntrification was any lesson to the University of Pennsylvania, Drexification will need to plan a little better for the long haul if they want to see their plans through; without interference.

Philly is happy! Like, "Top 10" happy.

Center City Philadelphia at dusk.

You know how you go to read the news or check your email, and an article like "10 Best Cities to Work" or "10 Best Cities to Live" catches your attention? If you're like me at all, you may say to yourself "Hmmm, I wonder if my city made that list."

Well, Philadelphia just made a good one. We were just ranked 7th for the "10 Happiest Cities for Young Professionals," according to Forbes.com.

One of my latest blog posts focused on the positive growth trend Philadelphia has been on for the last 6 years, and this article adds more optimism to that trend. It turns out that one of our largest growth groups (Young Professionals) thinks Philly is a damn good place to live and work.

In fact they're very happy about working in Philadelphia. Maybe it's our high-paying health sector, or our new found tech environment, or our trendy co-working movement that's making people talk. Either way, Philadelphia's YPs like what they are doing, even in a still-tough economy.

Once you stop to think about it, this is a very valid feather in our city's cap. When young professionals (e.g. employees with less than 10 years of experience in a full-time position) move to a new city for a job, or decide to stay and work in the city they attended college in, it's always good to know that they like where they are.

Companies in Philadelphia must be doing something right.

Philadelphia developer D3 introduces affordable housing for teachers

That's right, you heard me correctly.

Affordable housing is coming to Kensington, with about 60% of the units reserved for teachers/educators only, and another 20% reserved for other low-wage earners. It will be called Oxford Mills.

Cool concept, and more positive news for development in Kensington (which seems to be on fire, as of late).

For the most part, affordable housing in the US is typically geared toward those who are disabled, elderly, and/or qualify as low-income; and rightfully so. It's not everyday that you hear about an affordable housing project designed primarily for educators, and those who have recently graduated from college with a degree that will most likely start with lower-than-average wages; or as stated in the article, "newly minted professionals."

But, it's happening; and it's happening in Philadelphia.

D3 is looking to deliver loft-style units with exposed beams, high ceilings, large windows, and an architecturally pleasing facade. You know, the kind of units that fetch high rents in Philadelphia's growing neighborhoods. The best part is that they will be about 25% cheaper than comparable apartments (to those who qualify), which will compensate for the income level of its residents.

Smart.

This building also plans to set aside about 40,000 sq ft (close to SEPTA's public transportation; Hello, TOD) to house offices for start-ups, non-profits, and a new HQ for Teach for America.

Overall, this project gets a thumbs up from me.

Philadelphia is attracting more tech jobs

iPipeline

Bentley Systems

Fiberlink

These are some of the new technology companies setting up shop in Philadelphia. Since all 3 of these companies are currently based in Philadelphia's suburbs, why all of the sudden do they all need offices with a Philadelphia address?

The answer (according to Paul Melchiorre, President of iPipeline) is that, "Philly is changing for the better and tech companies are realizing that. This is as good an area to build a tech company as Boston, Austin, or San Francisco." Paul is right.

As I have stated many times in the past, even though it's a given, Philadelphia is the center for all history, culture, entertainment, and jobs in our area. It's the densest concentration of residents, shops, and restaurants, and it's also the center of our area's education and politics. We have some of the finest schools in the world, and more students are deciding to stay in Philadelphia.

It wasn't until the last 25-30 years that Philadelphians really started to see their own potential, after deindustrialization occurred throughout the Northeastern US. When jobs started leaving the city, so too did its residents (which helped create the thriving suburbs we have today).

Now that the city has cleaned up its act a bit, and more residents are moving back to the city, new jobs are following.

**VOLUNTEERS WANTED** Philly Spring Cleanup, Saturday 4/13 @ 9AM, Umbria & Shawmont

Hi, loyal PUL readers.

If you've never been, last year's Philly Spring Cleanup had 12,000 volunteers and over 350 projects. It's a great event, and a chance for you to help your community.

Our city's 6th Annual Philly Spring Cleanup takes place this Saturday from 9AM - 2PM. I have participated in all 5 past cleanups, and this will be my 3rd year running a project for the local Roxborough area.

The project I ran last year will be the same as this year. We will be cleaning up Umbria St & Shawmont Ave, in between Domino Ln and Eva St. Where more volunteers will be needed this year will be on Umbria St from Domino Ln to "The Curve" (where Umbria meets Shawmont). This stretch has been both a dumping ground and litter prone area for years, and we want to make it cleaner and greener for the many runners, bikers, and drivers who frequent it.

All you need to do is bring yourself! Trash bags, gloves, and tools will all be provided for the event. Please feel free to either reply to this thread, or sign up at the link I have set up on PhillySpringCleanup.com: Philly Streets Department: Projects

Your volunteer efforts are greatly appreciated, and I hope to see you there!

More apartments planned for Kensington

After a friend gave me a tip to a good article, I decided to tweet it back on February 11th (here's the link to the article, if you don't feel like searching through my past tweets).

Now that Philadelphia is really starting to gain more national recognition as an affordable, livable, big city located in the heart of the Northeast US (located right in between NYC & DC, if you have never been), it not only opens up opportunities for home buyers but also for investors. After all, investors are usually the first ones to open up a ripe market. They sniff out the deals, improve the housing stock, and create new demand; sometimes it's inflated demand, but most times they are actually fulfilling a need.

In Philadelphia's case, I truly believe it is fulfilling a need.

Philadelphia's Kensington neighborhood has been getting a lot of press lately, from myself included. To put it simply, Kensington is what I would refer to as a "fringe" neighborhood (or "spillover" neighborhood); please don't take either of those terms the wrong way, as I'm simply referring to supply and demand as it relates to real estate.

Why am I putting it so bluntly (and potentially insulting local residents)? Because I am looking at it from a Realtor's perspective, which takes into account the demand of all buyers, sellers, investors, and renters today. I'm also trying to educate my loyal readers, and mean no disrespect from my terminology.

So, what is creating demand for Kensington in 2013?

Well in a general sense, it's a lot of pent-up demand from both Northern Liberties and Fishtown (2 fairly well-defined neighborhoods) with a similar location (e.g. close to Center City, Delaware River, highways, public transportation, etc). In other words, when prices get too high in Northern Liberties and Fishtown (supply is low, demand is high) investors and buyers start looking for alternative options; enter Kensington.

Now don't get me wrong, all 3 of these neighborhoods have long-time residents who stuck it out through the bad times (i.e. Philadelphia's industrial decline) and are still living in these neighborhoods and taking care of them (while reaping the benefits of price appreciation). But the real demand in 2013 is new Philadelphia residents looking to buy real estate in popular neighborhoods throughout the city, on the back of a real estate market that's just starting to heat up. Not only to settle down in a cool, hip neighborhood, but to be close to their job, Center City, highways, nightlife, restaurants, coffee shops, and a new found community spirit that is taking place in lots of Philadelphia's older neighborhoods.

The good news is that I am starting to see a lot of potential in Kensington. Not only because of the things I already mentioned above, but because there are some key anchor projects taking shape; like the one in this article that inspired this post (and this one too, if you want more information). That's how Northern Liberties was rebuilt (think Piazza, Liberties Walk, etc.), and I'm starting to see that same positivity in Kensington.

It could be 20 years before Kensington really starts to see its full potential, but there are positive signs in the news right now. It may come sooner than we all think.

Manayunk's Wilde Yarns project gets the neighborhood nod

Good stuff.

For a building that has sat vacant for years, and also sits right at the Gateway to Main Street in Manayunk, it's good to see another well executed reuse project on the books in one of Manayunk's ex-factories. These are well-built buildings, and it's good to see them get a new purpose in life.

Here are some of the details:

• 43 residential units
• 4 buildings (3 old, 1 new)
• Sizes will range from 600 sq ft to 1,100 sq ft
• Rents will range from $1,100 to $1,800
• Main St location
• Close to restaurants, shops, and multiple forms of public transportation
• Completion Date will be Spring/Summer 2014

The biggest question everyone asks when something like this is being considered is, "What's the parking going to be like?" Rightfully so, Manayunk is a pretty tight place to park your car; and adding 43 more residences only makes the issue more visible (remember, some of these proposed units are going to have 2 bedrooms).

But does the developer really need to offer 1:1 parking for a large-scale project like this, in such an accessible location?

Another great question is, should the developer even have parking on-site? My fellow, loyal, and local Manayunk/Roxborough readers out there must be saying, "Tim, are you nuts?!?"

Although parking is an issue in Manayunk, community residents typically urge developers to "find" or "create" places for their future residents to park. This is usually in the form of an on-site or shared parking lot and/or garage.

Again, why is this necessary when you can walk to two separate train stations, and also walk to catch the bus. Oh, and you're at the intersection of Main St and Ridge Ave; the start of the neighborhood commercial district. The answer is, because most Philadelphians tell new people coming to the city that they need to park.

I understand the plight of the locals living in this area (I too once lived in a tight section of Manayunk where parking was an issue), but it's getting to a point where we are actually encouraging new residents in Manayunk to own a car. If people think the Green Ln bridge traffic in the morning is bad now, wait until a few years from now when the next real estate development boom is alive and well and more people have moved to the area (both renters and homeowners), and make the decision to drive to work.

Why is this the case?

Because that's the norm for new development in Philadelphia, even more so for places like Manayunk and Roxborough where parking is at a premium. Build a house, provide parking. I can see the logic behind a few, new individual homes on a tight, historic street, but for large-scale developments like this one, I personally believe that it can be looked at differently.

There are other viable ways to tackle this issue, and some may argue with me that they are unachievable; but "what if" local developers...

• Didn't offer parking, but offered discounts on Public Transportation to its residents. Or better yet, offered monthly public transportation passes as part of the rent.
• Didn't offer parking, but established new Zipcar and/or Philly Car Share (now known as Enterprise Car Share) spots for residents. This would encourage less/shared car usage; hence, less parking.
• Didn't offer parking, but made access to trains/buses easier (e.g. better signage, SEPTA education, maps, attractive walkways, etc.).
• Didn't offer parking, but had bike parking stalls/spaces to encourage more local shopping, etc.

I know, I know.

These are all very easy to talk about, and not easy to do; but not many developers are really suggesting them either. That's where the community groups and residents can come to the rescue.

Manayunk's parking problem is not going away anytime soon, so we might as well discuss what could and should be when a new project (like Wilde Yarns) comes about.

Let me know what you think, and if you agree or disagree.

Q: Where is most of Philadelphia's "Creative Class" living today?

A: Philadelphia's creative class is currently concentrated heavily in 2 major areas: Center City (e.g. Rittenhouse Square, Society Hill, Old City, etc.) and Northwest Philadelphia (e.g. Manayunk, Roxborough, Chestnut Hill, etc).

First off, what exactly does creative class even mean?

Well, today's standard definition is "workers in science and technology, business and management, arts, culture media and entertainment, and law and healthcare professions." In other words, it's a pretty wide variety of white collar workers.

If you're looking for more information on the creative class in general, check out the Wikipedia page here.

So, why am I even blogging about this?

Because it's an important topic centered around Philadelphia's current demographic trends, which also plays heavily into real estate (e.g. Buying, Selling, Investing, and Renting). I just finished writing a post yesterday about the recent population increases that Philadelphia has been experiencing, so I figured this article would piggyback nicely off of that (map included).

When most people think about the hippest part of Philadelphia, they immediately think of Center City and its surrounding neighborhoods. Manayunk, Roxborough, and Chestnut Hill are all hip neighborhoods that are nationally recognized, but in general they all play second fiddle to Center City.

Please don't think I'm favoring one side or the other. As an agent who works in all different parts of Philadelphia (and the surrounding suburbs), with clients from all over the US, I'm just speaking in generalities.

It's mainly because Center City is the center for business, contemporary living, culture, etc. Northwest Philadelphia's neighborhoods also possess these traits, just in smaller, less-dense doses. Hence, the generalities.

The bad news is that this article only embitters the fact that Philadelphia's working class population is shrinking; just as it is in other major US cities. The good news is that the incoming, creative class population is spreading out in Philadelphia; which creates more opportunity for other adjacent neighborhoods to follow, and strengthens the city as a whole.

Philadelphia's population continues to grow

Philadelphia's overall city population grows ... again.

For a city that did not have an increase in population (even a small one) for about 50 years, it's a good sign that we have now grown every year for the past 6 years. Although they've been small victories (percentage-wise), our total population now sits at 1,547,607; which also makes us the 5th Largest US City.

Try not to confuse "Largest US Cities" with "Largest US Metros." "City" refers to population within actual city boundaries, and "Metro" refers to population around a city's recognized metropolitan area (which can sometimes include both suburban towns and even other cities). In Philadelphia's case, our "Metro Area" also consists of the areas in/around Camden, NJ and Wilmington, DE.

Why is this important?

Well for one thing, it means that Philadelphia is a relevant city (by today's standards) and people are attracted to living within its boundaries (regardless of taxes, schools, etc.). It also means that more businesses (small, medium, and large) are attracted to Philadelphia, and are setting up shop to cater to its new residents.

Urban living has become a popular trend all over the US in recent years, and it's also part of my inspiration for the website and blog you are reading right now.

I was born and raised right outside Philadelphia's city limits (in Abington, PA; which is part of Philadelphia's "Metro Area"), and went to both grade school and high school in the Abington area as well. Abington was an awesome place to grow up, and it's still a great town today. It wasn't until I went to college (at La Salle University) that I was able to experience living within Philadelphia's boundaries.

It definitely made an impact on me; a very positive one. The rest is history. Now over 15 years later, I still call Philadelphia my home and just bought a new home in Roxborough.

So if anything, it looks like my own personal tastes have followed the current trend toward urban living; and I'm still writing about it today.

FringeArts is making an economic impact through reuse

What a cool project, and it's coming Fall 2013.

An abandoned pumping station, where Columbus Blvd and Race St meet, is about to undergo a $7M renovation. The goal is to transform the existing property from a vacant, historic, industrial building, to a thriving, music/arts destination.

Here are some of the details:

• 800 sq ft of rehearsal space
• 240 seat theater
• 125 seat restaurant/bar
• Offices for FringeArts' staff
• Available space for art shows, and the like

Not bad at all.

Philadelphia is already highly regarded as one of the Top Cities in the US for art and art culture. FringeArts' new HQ will only add more value to that distinctive brand.

I can't help but think that Philadelphia's solid investment in the Race Street Pier is really helping spur additional development along this section of the Delaware River Waterfront.

FA HQ is just one more example, and I'm sure others will follow suit.

Development is rising, and it's changing Point Breeze

American Sardine Bar | 18th & Federal

You may be familiar with Point Breeze in Philadelphia, and you may have never even heard of it.

If you're like me and you consistently keep up with news and development in Philadelphia, you hear about PB weekly; almost daily.

Change.

Controversy.

"Lotgate."

Gentrification.

Those are just some of the buzz words that have been thrown around over the past year or so, by longtime residents, neighborhood newcomers, and unbiased onlookers.

But who's right?

Well, neither the long-timers or newcomers are; in my opinion. I feel that it's more a matter of, "How can everyone work together to deal with the changes currently taking place?"

Point Breeze is currently at the epicenter of a few urban issues: 1) Changing Demographics, 2) Non-Profit vs For-Profit, and 3) Old vs New.

Let's start with "Changing Demographics." PB used to be comprised largely of diverse, working-class Philadelphians, and the neighborhood was supported by local businesses, churches, and families. Once "The Breeze" began to change in the 70s and 80s (due to drugs and crime), residents moved out of the neighborhood, values declined, and homes were left unattended; leaving behind blocks and blocks of decaying real estate.

When I say "Non-Profit vs For-Profit," I am generally referring to projects in the neighborhood developed by local organizations (both residential and commercial), versus those funded by private developers. Since the neighborhood started changing some 40 years ago, and the population declined (which is never good for any neighborhood), local civic leaders worked hard to stabilize Point Breeze; and they're still working on it today.

Then you have a very common problem in Philadelphia that I am calling "Old vs New." Problems stemming from the differing opinions of current residents and new residents is nothing new for any of America's older, larger cities; and it's certainly not new in Philadelphia. This problem can become even more exacerbated when property values and taxes come into play.

Being a Realtor who works in all of Philadelphia's diverse and unique neighborhoods, I feel that I can clearly see the changes taking place in Point Breeze, from a real estate perspective; it's a case of Supply & Demand. Some 40 years ago, demand was low and prices dropped. In 2013, demand is high and values are rising. Couple that with the drastic effect AVI will likely have on most of South Philadelphia's property taxes, and you now have major issues that are of a concern to PB's longtime residents.

Personally, I can see why both sides would be upset, but I have never been a proponent of resisting change just because its different. Change can be both good and bad, and it has to be carefully planned with lots of community input; but resisting change altogether can yield some of the worst results. Point Breeze is a dense, urban neighborhood, that's affordable, walkable/bikable, and in a great location (close to Center City, jobs, restaurants/bars, shopping, public transportation, and major roads/highways). PB has a great housing stock, and offers all of the advantages of big city living in a tight, historic, residential neighborhood. It's all of these factors that have created a renewed sense of demand for real estate in Point Breeze.

There is no doubt that PB is changing: new homes, new residents, new businesses, higher demand, higher values, and higher taxes.

It just depends on who you ask, whether it's good or bad.

Cira Centre South plans for "The Grove"

Rendering of the 33-Story housing complex

Well, it looks like Cira Centre South is finally about to break ground on 1 of the 2 proposed buildings for land right next to 30th Street Station.

The Grove at Cira Centre South is a joint partnership between Brandywine Realty and Campus Crest Communities, and will be built on the premise that UPenn will fill it with student housing.

What a great deal for all involved!

Brandywine can finally get this project moving (with the hopes of starting another building, per the original plan), Campus Crest will get an opportunity to cash in on the Philadelphia student housing market, and the University of Pennsylvania gets a top-notch housing complex that it can market to both prospective and existing students.

This is also great news for Philadelphia.

More construction equals more jobs, and more money spent in the immediate area while it's being built, as well as when it has been completed. It also helps bridge the natural divide (aka The Schuylkill River) by continuing UPenn's eastern expansion plans.

The cherry-on-top is that this project supports TOD, and will be located next to the 3rd busiest rail transit hub in the US (30th Street Station).

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.

The Schuylkill Project starts to plan for Manayunk's "Park in the Sky," as well as other great projects

I wrote a post about Manayunk's "Park in the Sky" back in 2011, and now it's becoming a reality.

So much so that the necessary funds are already in place, the plan is ready to go, and construction bids are set to go out in June.

Awesome!

The bridge connector (on the famed Manayunk Bridge) will take bikers, hikers, runners, and walkers from Manayunk across the Schuylkill River to Bala Cynwyd and the Cynwyd Heritage Trail. It will also offer stunning views of the surrounding area with its wide river, massive trees, and rolling hills.

Expected Completion Date = 2014

The Schuylkill Project is also staying on top of other important tasks planned to make Manayunk's waterways nicer, safer, and and more functional for all.

Venice Island is currently undergoing massive changes down at Main Street's east end with a new performing arts center for Manayunk, as well as pedestrian improvements to the Lock Street Bridge. This will make it easier for residents and visitors to get on/off Venice Island.

Not only is Venice Island getting better, but the Manayunk Canal itself will have work done to it as well. Fresh water will be introduced to the canal (for the first time in decades, if you can believe that), and the sluice house will be rebuilt. This will give the canal a controlled flow and will improve the immediate environment.

Expected Completion Date =2014/2015

Additionally, the Pencoyd Bridge (also on Main Street's east end) is set to be restored and provide additional access between the city and suburbs. This project coincides with a new residential community being planned across the river from Manayunk.

Expected Completion Date = TBD

What does this all mean for the local real estate market?

All in all, these major projects (along with many smaller ones) are encouraging large-scale developers and individual investors to start building/rehabbing in the Manayunk/Roxborough area. Good news for both residents and local businesses alike.

The Delaware Waterfront Trail is really starting to come together

From Spring Garden St to Penn St, along Philadelphia's Delaware River, the DRWC is spending $1.5M to link more trails together.

What started as a project overseen by Penn Praxis and volunteer Philadelphians, is now starting to really turn into something cool: progress. Planned areas for development, added green space, and running/walking/biking trails are all on the books for the Delaware River Waterfront's future. Which are all necessary elements if Philadelphia is truly serious about making the Delaware Waterfront world class.

Add in the Race Street Pier, and recent "Connector" projects, and I would have to say that things are moving along as they should.

Has the Kensington renewal already begun?

New lofts are coming to Kensington

I know, I know ... that's a bold statement; but I thought it would grab your attention.

The interesting part is, the title to this post is probably long overdue. Kensington has already started to change, and this article is providing insight into how much changing it plans to do. When boundaries are challenged, bigger plans are in place.

In fact you may have already heard of new sections of Kensington being referred to as "Old Kensington" and/or "East Kensington," to differentiate itself as a part of Kensington that's embracing neighborhood change. Now whether it's good change or bad change depends on who you ask. In my opinion, anytime you bring in new residents, new businesses, and increase property values, it usually creates positive change, but some may refer to that as gentrification (which can sometimes be looked at as a negative trend).

Either way, change is coming to this section of Kensington, whether people like it or not. Plus, it only makes sense to start in this area because it's the closest part to both Fishtown and Northern Liberties; natch.

If you haven't been to this part of Philadelphia for a while, take any major highway/road to East Girard Ave and then start heading north on Frankford Ave. This is the heart of Fishtown's thriving art and commercial district and it will give you a general glimpse into the future of Old/East Kensington.

Roxborough is becoming more popular for businesses and development

It's no secret that Roxborough is one of Philadelphia's oldest neighborhoods (established in 1690, and incorporated into Philadelphia in 1854).

But with age, comes change.

Once known as one of Philadelphia's wealthiest neighborhoods, due to the high income level from Manayunk's mill owners, Roxborough is still thriving today. There was a bit of a real estate and population lull back in the 70s, 80s, and early 90s, but since then Roxborough's population and average real estate values have almost tripled.

What does that mean for Roxborough as a neighborhood?

It means that demand is up, driving growth, density, and value for both residents and businesses alike. In fact, Roxborough's average home price has barely moved since the real estate bubble burst back in 2006. That says a lot about Roxborough as a neighborhood. Affordability + livability are a recipe for real estate success in the long run.

Bernard Guet, Executive Director of the Roxborough Development Corporation, has experienced these positive changes in Roxborough, and more specifically in Roxborough's Central Business District. "Developers are looking for areas of the city that can be financially viable," says Guet. "I look at Roxborough and Manayunk as a village of 40,000 people who wish to be able to shop where they live."

Bernard Guet and the RDC recently helped in landing a deal with Planet Fitness, which is currently in the process of building a new facility at an old car dealership on Ridge Ave. It's anchor projects like Planet Fitness, The Foodery, and the expansion at Stanley's Hardware that will bring additional businesses to Roxborough and the Central Business District.

As for residential development, it's taking shape all around the neighborhood. Anything from a 1-5 home infill project, to the upcoming 32 home development called Kingsley Court (right off of Ridge Ave). It's projects like these that not only strengthen a neighborhood's population and keep the demand for real estate strong, but they also help bring in new businesses (as mentioned above) to support its new found residents.

On the flip side, the increased demand for new development has also caused Roxborough to lose some of its history like the architecturally significant Bunting House. The Bunting House was a hot topic of discussion for months as the owners/developers wanted to tear it down and utilize the value of the land, whereas local neighborhood groups wanted to keep the structure in tact and find a suitable tenant.

As it turns out, the building was torn down to make way for new development; which is yet to be known. It was definitely a loss for Roxborough's residents, but it paved the way for a future action plan.

"I think that was a wake-up call, especially for newcomers who share the pride and neighborhood values with longtime residents," stated Kay Sykora, who is the Director of The Schuylkill Project. "If you don't get these issues in front of them, it is easier for developers to come in and do what they want."

Lesson learned.

Now let's see what the future has in store for one of Philadelphia's greatest neighborhoods. My prediction is that the future will only get brighter for Roxborough in the years to come.

More residential growth for University City

As if UCity did not have enough projects going on already, add another one to their long list of successful growth.

University City's famed Science Center is planning to build a 27-story apartment building at the corner of 36th & Market. Their main motivation for this building is to create "a hub for innovation and entrepreneurship."

Given that this place is expected to house 364 apartments (1 and 2 bedroom options), a fitness center, resident lounge, rooftop pool, parking, and 17,000 sq ft of ground floor retail space, you might be asking, "who is their target market for residents?"

Well, that's a great question.

According to the article, the Science Center is looking to market the building to local professionals and business owners in the immediate area, as well as both Penn and Drexel students.

I completely agree.

Over the last 10 years, UCity has slowly turned into an education/medical/tech hub for students (both graduate and undergraduate), young professionals, and families. Not only for schools/jobs, but for living options as well. Considering that this building will have high-end features (granite countertops, stainless steel appliances, etc.) and amenities (fitness center, rooftop pool, etc.), I think they hit the nail on the head.

The industries that are growing in this part of Philadelphia all support the income level needed for this type of living, and it also encourages future growth for more of the same.

Oh ... and I forgot to mention, this building will also be sustainable and environmentally friendly (with the Science Center shooting for LEED Silver Certification).

MM Partners finds success in Brewerytown

I've written a number of posts in the past about Brewerytown being touted as one of Philadelphia's "Next Great Neighborhoods," but this article really shines a light on what is actually happening in/around Brewerytown.

Not only does it explain what developments have been (and are currently) taking shape in this rapidly changing neighborhood, but it also focuses on the developments of only 1 local developer known as MM Partners.

According to their website, MM Partners is a "vertically integrated real estate development, construction and management company that was formed to improve and revitalize Philadelphia’s historic Brewerytown neighborhood and to effectuate positive neighborhood change." That's a very accurate description.

Check it out, this article is definitely worth the read.

Also, here are some of my past posts on Brewerytown:

• Brewerytown Development
• Brewerytown plan wins at international competition
• Momentum continues in Brewerytown
• Urban farming ... in North Philly?

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.