2023 is an exciting year for Philadelphia. The Eagles are in the SuperBowl, but that’s not the only exciting news happening around the city! In the first part of a multi-article series, we’re going to take a look at three real estate development projects that are “ones to watch” in 2023.
Parkway Corporation’s Projects
Parkway Corporation is a name familiar to the Philadelphia real estate scene, ever since the Liberty One and Liberty Two skyscrapers were developed on their property. The corporation plans to sink their teeth into several projects this year, many of which have been delayed due to the COVID-19 pandemic. A 31-story apartment building is set to be developed at the corner of 21st Street and Ludlow Street, as part of Philadelphia’s new plan for mixed-income housing. Parkway Corporation will attempt to utilize the city’s bonus for mixed-income housing developments and the building will be affordable for two person households making $50k, and four person households making $63k — 60% of the median income in the area.
Homes for Philadelphia Workers
Philadelphia’s Turn the Key program finally began construction in Grays Ferry, back in December, on the first 24 affordable homes across the city. Over 1,000 have been planned to be completed across the city throughout 2023. The Turn the Key program was first created in 2020 and wants to build 3-bedroom, 1.5 bathroom houses on lots owned by the city of Philadelphia, and turn them into affordable housing for those with an income under 80% of the median income of the area. This program looks to combat widespread poverty throughout Philadelphia, and provide housing for the city’s municipal workers.
The future of this program looks bright, as more neighborhoods are set to be the sight of construction throughout the year. At the time of writing, these include Brewerytown, Ludlow, Port Richmond, and West Poplar.
Rivermark Northern Liberties.
Rivermark Northern Liberties is one of the newest development projects that will begin construction in 2023. Rivermark Northern Liberties is set to be a mixed-use project located at 501 N. Columbus Blvd, north of Penn’s Landing. The development is set to have a budget of $2.2 billion, and will be the result of a decades’ long plan to revitalize the area.
There two buildings planned, one will be 5-stories and the other 6-stories, which will include 470 multi-family housing units. In addition to the residential development, the area will be complemented by over 45,000 sqft of commercial space for shops and dining, as well as four acres of public space for parks to connect with the Delaware River Trail. The developers are hoping for a full opening in the spring of 2024, with construction set to begin soon.
9 Philly development projects you’ll hear a lot about in 2023″ | Jordan Levy