Billions of development dollars have found their way to Philadelphia's Center City since the beginning of 2018, but parking is no longer a profitable proposition.
"Building new parking in Center City just doesn’t make financial sense anymore," writes Meir Rinde, citing development experts familiar with the Philadelphia market.
"Developers are moving away from the parking business because of the city’s high tax on commercial parking spaces and a strong market for new buildings," adds Rinde. The source for these insights: Brian Berson, who leads real estate and development efforts for Parkway Corp., a "Philly-based parking and real estate giant."
As evidence of the trend, Rinde mentions the 18-story 23rd+Market commercial development, in the works by Parkway, which will include 47 private spaces and no public parking.
Rob Zuritsky, CEO of Parkway, is on the record saying the parking business is no longer profitable in Philadelphia, and the company is quickly moving away from that market.
Meanwhile, the Center City District recently released its "2019 Developments" report, showing that development is moving along at a steady clip, even without as much parking. Twenty-three projects projects totaling $2.3 billion in investment have come online in Central City since the beginning of 2018. "An additional 21 projects worth $1 billion are planned or have been proposed," according to Rinde.
FULL STORY: Center City draws $2.8B in development — and fewer parking lots
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