Revitalization in the North Broad Street Corridor of Philadelphia has increased interest in neighborhoods north of the City’s Center City. 1300 Fairmount Avenue sits as a linchpin just east of North Broad Street, and the site’s redevelopment continues a course of substantial reinvestment.
ESI completed a market analysis for the proposed complex in 2015, and an update in 2017, then construction started in 2020. A building that had occupied the site was demolished in 1998, leaving it vacant and a drag on the neighborhood for two decades. The market insights that ESI provided drove confidence in the project.
The client’s development program at the time of the updated analysis included 486 residential units, and 60,000 square feet of mixed retail space to be partially occupied by a 24,000 supermarket. With subway and trolley transit stations within walking distance, and five bus stops serving the neighborhood, the projected increase of population is set to be well-served with transportation options, especially in an increasingly transit-oriented city like Philadelphia. The proposed mix of uses was determined to support neighborhood market demand as well as those of the projected new residents.
In both reports we documented the trends and forecasts of Philadelphia’s changing demographics, and marketplace, with granular insights into nearby neighborhood changes, renewed amenities, and the concurrent construction boom in the City. We detailed how these factors generated demand for the proposed development project and its projected end-uses. We also included an evaluation of comparable mixed-use rental properties used to recommend a specific mix of unit type and rental range.
Having the sound economic expertise to analyze real estate market data together with the academic-level rigor and real-world experience to understand city trends allows ESI to provide objective, pragmatic decision support.