Thursday, May 9, 2013

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.

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