Philadelphia is proud of its food culture and has a great restaurant scene in Center City. But outside the center, the city of 1.6 million has a 26 percent poverty rate and a need for affordable healthy food.
Since Congress legalized crowdfunding for real estate projects in 2012, the internet-based financing source has grown dramatically, from $396.4 million in 2013 to $2.5 billion in 2015, according to the Los Angeles–based research and advisory firm Massolutions.
Everyone’s talking about “what’s next” in terms of emerging urban neighborhoods, where property values can surge very rapidly. But why do some districts emerge seemingly out of nowhere? How can developers and investors find the next one?
When Americans are increasingly growing accustomed to ordering paper towels on Amazon Prime instead of going to Costco and summoning Uber rides on their phones rather than hailing cabs, on-demand services and instant gratification are quickly becoming the new normal.
Philadelphia is a city of neighborhoods—as are many other cities. But only Philadelphia can boast a human-scale walkable layout planned by William Penn more than three centuries ago.
“Suburbs isn’t a dirty word,” declared Adam F. Ducker, RCLCO managing director and moderator of the “Next Stop Suburbs” session at the ULI Spring Meeting in Philadelphia.
The big picture in transportation and real estate trends is the growth of multiple transportation modes, shared uses of bikes and cars, and enormous expansions of bike infrastructure that are driving real estate investments and urban growth, according to experts who spoke at a 2016 ULI Spring Meeting session in Philadelphia recently.
American cities seeking to reinvent themselves can do so by using creative financing, among other tools, according to a panel of experts at the 2016 ULI Spring Meeting in Philadelphia. The panel also served as the launch event for the new ULI publication Reaching for the Future: Creative Finance for Smaller Communities.
For aspiring developers, panelists agreed that choosing a sector—whether it be residential, office, industrial, or something else—does not particularly matter, but that you have to start somewhere, start small, and specialize within whatever sector you do choose. “All happy real estate deals are alike—they start with a motivated seller,” said John E. McNellis of McNellis Partners LLC, who has 35 years of experience in shopping center development in northern California.
U.S. retailers and their landlords are embracing the pop-up phenomenon in different ways to meet specific goals, speakers said at the ULI Spring Meeting in Philadelphia.