What's New in Philadelphia:
Philadelphia is welcoming new residential development this summer. GY Properties secures a $27.2 million loan for an upcoming project, and the famed Melrose Diner faces demolition to make way for a new apartment complex. A recent study also finds that green space may be more valuable to homeowners than previously realized, as nearby greened vacant lots are found to drive an increase in home values.
Loan Secured for New Apartment
Philadelphia developer GY Properties has secured a $27.2 million loan for their 124-unit apartment building project near the Delaware River waterfront. The firm acquired the land for the projected $34 million development in 2019 and has an expected completion date in the summer of 2026. The development is part of a larger project, including five residential buildings. Each building will be seven stories tall, totaling 462 units with over 21,000 ft. of retail space.
Residential Building Coming to South Philly
A 5-story, 55 ft. tall residential building touting 94 units will replace the famed Melrose Diner in South Philadelphia. Local pushback over the demolition of the diner has been met with assurance by owner Michael Petrogiannis that a new version of the Melrose Diner has been incorporated into the development plan. Petrogiannis even announced he's considering naming the building 'Melrose.' Once completed, the building will feature ground-floor commercial space, a roof deck, and a set number of affordable housing units.
Greened Vacant Lots Raising Property Value
A study led by Wharton Professors Susan Wachter and Shane Jenson found that homes near greened vacant lots between 2007 - 2017 experienced an increase in price of 4.3% over one year. Over six years, homes within a 1,000 ft. radius of a greened lot could expect a value increase of 13%. Other research on greening vacant lots suggests that these plots have been correlated with decreased violent crime, illegal dumping, and rates of depression.
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Pennsylvania Digest