The visions of a modern, scenic park adjacent to Philadelphia’s City Hall finally came to life in the summer of 2014 when Dilworth Park opened amid much local fanfare.
In the fall of 2010, the Dilworth Park project was awarded a $15 million TIGER II grant by the Obama Administration in a highly competitive process, matching a $15.5 million Redevelopment Assistance Capital Program (RACP) grant from the Commonwealth of Pennsylvania. Groundbreaking for the project was held on January 30, 2012.
Econsult Solutions, Inc. was retained by the Center City District to analyze the possible job creation and economic development impacts from improvements to Dilworth Park as part of the District’s application for a TIGER II grant, which would provide funding for the construction of the park.
Dilworth Park, on the west side of Philadelphia’s City Hall, sits atop the confluence of commuter transit lines in southeastern Pennsylvania, bringing more than 300,000 transit riders downtown daily. Over the years, the park has deteriorated and is widely perceived to be in need of reconstruction and reconfiguration.
The application process required that applicants demonstrate the benefits of a project using a cost-benefit analysis. Econsult performed several benefit calculations, including:
- Direct and indirect impacts of the $55 million construction budget on total economic output for the Commonwealth of Pennsylvania;
- Increase in property values of homes near the renovated plaza;
- Time savings from easier access to the subway system and the ability to avoid difficult street crossings; and
- Potential fiscal benefits to the City from increased property values.
Dilworth Park officially opened amidst much local fanfare in the summer of 2014.
