IncSmart Pennsylvania (Small Business and Startups) - Philadelphia real estate development is booming. A new 14 acre master planned community project in West Philadelphia. It will be a mix of retail spaces, residential, corporate offices, and research laboratories. The project is next to Amtrak’s 30th Street Station and Brandywine’s Cira Centre. The community will also host hospitality and cultural venues and public open spaces The first phase includes the creation of a 1 acre park and the renovation of the Philadelphia Bulletin building at 3025 Market St.
The planned community, Schuylkill Yards Development, is from Drexel University and Brandywine Realty Trust. The development projected is a 20-year development plan. The community is currently made up of educational and medical institutions, and is going to transform Philadelphia’s skyline with new towers rising on the west side of the Schuylkill River. The project will create thousands of jobs and is expecting increase tens of millions of dollars in taxes. Schuylkill Yards is designated as part of a Keystone Opportunity Zone. A Keystone Opportunity Zones (KOZ) are specific commercial or industrial areas with greatly reduced or no tax burden for property owners, residents and businesses throughout the Commonwealth of Pennsylvania.
By Pat Turner
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