Philadelphia City Council mulls “gentrification relief” from property taxes

For more than a decade Graduate Hospital area of Philadelphia, PA has been one of the city’s fast developing neighborhoods. It continues to grow with new homes and skyrocketing home prices. While half the homes are filled with newcomers in Graduate Hospital, some homes are not.

These longtime residents in fast-growing areas are considered most effected to the real estate tax changes from Philadelphia’s property tax reform. Moving from the old real estate tax system to one based on the current market value of a property could mean an enormous tax increase to a home in Graduate Hospital.  To learn more...

Can the Navy Yard Stand on its own as an innovation hub?

More people are working in the Navy Yard (South Philly) then ever before. A Plan was developed to make the Navy Yard “a place for innovation”. To attracted companies and start-ups in physical sciences, energy and engineering sectors — a way to balance Philadelphia’s strength in the life sciences sector. Some highlights from the article:

1. Philadelphia Navy Yard hit the 10,000 jobs milestone this January
2. Just under half of the businesses at the Navy Yard fall into the tech or energy industry
3. Room for expansion: currently, 6.5 million sq.ft. of the Navy Yard’s 20 million square feet has been developed
4. partnering with the University City Science Center to open “Satellite Quorum”

Old City Philadelphia Objects to 205 Race St. Project

If you are a real estate developer and you want to build a 16 story, 128 dwelling mixed used project (bigger than the zoning allows) how do build the property?

1) Apply for variances, meet with the local community groups, and present your case to the Zoning Board of Adjustment
2) Or you can just avoid all that and just ask your Councilperson to change the zoning.

The actual real estate developers of this proposed development in Old City Philadelphia chose #2. Councilman Mark Squilla introduced a bill that would add a “Bridge Approach Area” to the Old City zoning overlay, providing size and density bonuses to buildings on parcels between I-95, 4th Street, Race Street, and New Street. The 205 Race parcel is the one of the biggest lots in that area. To read more of this story…

Student Loan Debt Hurts Housing Market

With home prices and mortgage rates both at historic lows, it seems like the perfect time to buy. First-time home buyers usually make up over 40 percent of the home buying population, but their share has hovered at or below 30 percent recently.

WHY? Student loans are standing in the way of many first time home buyers.
As total student loan balances nearly tripled between 2004 and 2012, according to a new survey from the Federal Reserve Bank of New York. Now $1 trillion in collective student loan debt is directly affecting the housing recovery.

I guess the $100,000+ in student loans for a job that pays $30,000 a year does not make sense after all.  To read more...

Developer plans 40-unit apartment complex in West Philadelphia

A real estate developer is planning to convert a 14,000 square-foot garage in West Poplar into 40 residential units. It calls for partial demolition of the building and the construction of second- and third-story additions. The building will also have 20 parking spaces, 10 bike parking spaces, recessed 1st floor entrances and a 6 foot fence.  To read more...

Revamped Germantown Plan to launch July 1st

Last year, Philadelphia’s Planning Commission staffers spent months conducting a study of the Chelten Avenue corridor, part of an effort to bring back shoppers and a better mix of businesses to the commercial district off Germantown Avenue. There was a lot of talk about property values, trash, crime, etc. What resulted was the Central Germantown Business District Beautification Plan, which took stock of the business offerings, documented problems such as nearly 22 percent vacancy in the retail district, and made 25 recommendations for everything from streetscape improvements to future zoning approaches. The only questions left were how to implement the recommendations and how to pay for it all.  To read more...