As Opportunity Zone activity accelerates, Philadelphia provides new perspective on recent investments
The City and the PIDC, have unveiled a revamped Philadelphia Delivers website to focus on the city’s federally-enabled Opportunity Zones.
April 09, 2019
- The City and its economic development agency, the Philadelphia Industrial Development Corporation (PIDC), have unveiled a revamped Philadelphia Delivers website to focus on the city’s federally-enabled Opportunity Zones. The website summarizes private investment dollars for each designated tract for the 2012-2017 time period.
- Looking only at 21 designated census tracts touching or bordering the CBD, JLL tallies more than $4.4 billion in private development completed during that time. University City’s $2.9 billion share of that total is astounding if not surprising, given the ongoing growth of the eds/meds sector and investments on and around campuses.
- The level of development in other areas is perhaps more remarkable: the mostly residential clusters of Girard Avenue and Fishtown have seen more than $425 million in combined construction; the Washington Avenue corridor (which includes only tracts south of the street itself) has seen $350M; and North Broad / Callowhill nearly $680M.
- If previous investment levels had factored into the designation of Opportunity Zones, it’s unclear if these already-burgeoning areas would have made the cut. Given that they did, it’s fair to say the coming years could bring even greater levels of development to these parts of the city. If the program works as intended, investment will also ramp up in other designated areas not already benefitting from improving market fundamentals.
Source: JLL Research, City of Philadelphia