Thank you to JLL for this great information. Very exciting to see the success of the projects that have been developed over the past five years and we look forward to watching the planned projects unfold over the next few years.
- Five years ago this month, the City Planning Commission adopted the Master Plan for the Central Delaware. The Delaware River Waterfront Corporation and partners have spent approximately $20 million on three pier parks, major place making initiatives like Spruce Street Harbor Park and Winterfest, two connector streets, and trail development.
- Developers are responding: four major rental projects and smaller infill have delivered more than 800 units. 890 more are teed up for the near-term, including 550 units at Festival Pier. More than 300,000 s.f. of commercial has opened (The Fillmore, SugarHouse expansion, etc.). Expect several piers and waterfront sites to trade hands in 2017 as interest grows.
- Taking it to the next level: The City, PennDOT, and the William Penn Foundation have announced a combined $205 million to transform Penn’s Landing into a sloped, 11-acre park. $1.6B in private development is anticipated in the long term.