The Economic and Fiscal Impacts of Tower Investments’ Developments In Northern Liberties

Econsult Solutions, Inc. was retained by Tower Investments to determine the  net economic and fiscal impacts on the City of Philadelphia and the Commonwealth of Pennsylvania  of the Tower Investments development in Northern Liberties. A mere decade ago, The Northern Liberties area was significantly physically blighted and not seriously compensated for real estate development. Now, iconic structures such as the Piazza at Schmidt’s and Liberties Walk have received prominent national media attention and have become locations of choice for a wide range of residents, retailers, and visitors. Counted among Tower Investments’ $200 million in direct developments are commercial space for over 80 businesses, more than 560 housing units totaling over 800,000 square feet of commercial and residential space, and beloved public spaces such as the 80,000 square foot Italian style courtyard within the Piazza at Schmidt’s. These developments have stimulated the City and Commonwealth economy, created jobs, and generated tax revenues.

Econsult Solutions, Inc. quantified the impact of  the upfront construction and ongoing operational development by Tower Investments and compare it with the  performance of other developments. The results indicate the Tower Investments’ development work in the Northern Liberties section of the City of Philadelphia has had a dramatic effect at the neighborhood and citywide level, and has led to a $1 billion increase in the aggregate market value of real estate in the Northern Liberties.

Econsult Solutions, Inc. was retained by Tower Investments to determine the  net economic and fiscal impacts on the City of Philadelphia and the Commonwealth of Pennsylvania  of the Tower Investments development in Northern Liberties. A mere decade ago, The Northern Liberties area was significantly physically blighted and not seriously compensated for real estate development. Now, iconic structures such as the Piazza at Schmidt’s and Liberties Walk have received prominent national media attention and have become locations of choice for a wide range of residents, retailers, and visitors. Counted among Tower Investments’ $200 million in direct developments are commercial space for over 80 businesses, more than 560 housing units totaling over 800,000 square feet of commercial and residential space, and beloved public spaces such as the 80,000 square foot Italian style courtyard within the Piazza at Schmidt’s. These developments have stimulated the City and Commonwealth economy, created jobs, and generated tax revenues.

Econsult Solutions, Inc. quantified the impact of  the upfront construction and ongoing operational development by Tower Investments and compare it with the  performance of other developments. The results indicate the Tower Investments’ development work in the Northern Liberties section of the City of Philadelphia has had a dramatic effect at the neighborhood and citywide level, and has led to a $1 billion increase in the aggregate market value of real estate in the Northern Liberties.

– See more at: https://econsultsolutions.com/experience/our-projects/northern-liberties-economic-impact-study/#sthash.nQdYDs5M.dpuf

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