June 6, 2013
Categories: Real Estate Initiatives,
In May, the Philadelphia City Planning Commission (PCPC), Department of Commerce (Commerce) and the Philadelphia Industrial Development Corporation (PIDC) introduced the Lower Schuylkill Master Plan, an economic development and revitalization initiative for a 3,700-acre, historically industrial corridor on the east and west banks of the lower Schuylkill River. The release of the Plan was kicked-off with a press conference held at Bartram’s Garden with city officials, partner organizations, and other stakeholders in attendance. Maitreyi Roy, Executive Director of John Bartram Association welcomed guests to the picturesque location with views of the city skyline and expressed her excitement for the new plans of development.
The plan calls for public infrastructure investments totaling $412 million over the next 22 years, which is projected to leverage $860 million in private investment. At full build-out, the Lower Schuylkill is projected to support more than 5.5 million square feet of new research and production facilities, employ up to 6,500 people, and generate $63 billion in total economic impact. “This portion of the Schuylkill River was once a vibrant hub for heavy industry, but poor access and environmental conditions have deterred comprehensive development in this corridor,” said Alan Greenberger, Deputy Mayor for Economic Development. “Following a comprehensive study that showed a critical shortage of modern industrial sites in our region, we determined that based on its size, industrial character, transportation assets, and proximity to economic engines, the Lower Schuylkill can once again be a site for innovation and growth of Philadelphia’s economy.”
The Master Plan seeks to reposition the area into a dynamic mixed-use site, featuring three competitive business campuses. One, the Innovation District, is envisioned as a vibrant green campus for research and development, advanced and artisanal manufacturing, institutional growth and other high-quality uses. Two, the Logistics Hub will focus on distribution, warehousing and manufacturing. Three, expanding on the significant energy assets already in place at the lower end of the Schuylkill, the Energy Corridor is seen as a potential national hub for energy production and distribution, leveraging superior rail, highway and port assets. “Approaching the Lower Schuylkill with a three-campus vision will create diverse opportunities for growth while allowing the Master Plan to customize interventions to the specific needs of each area,” said John Grady, President of PIDC.
To get a more in depth view of the Lower Schuylkill Master Plan, join representatives from PIDC, PCPC, Commerce, and other stakeholders for an upcoming open house. Two opportunities are available for the public to ask questions and meet the creative minds behind the plan.
Upcoming Open Houses
Monday, June 10, 2013
St. Gabriel’s Lower Hall
30th and Dickinson Streets
Philadelphia, PA 19146
Thursday, June 13, 2013
Richard Allen Preparatory Charter School
2601 S. 58TH Street
Philadelphia, PA 19143