The Secret to Keeping Families in the City
Notice a lot more school buses these past few days? (Or a lot less noise in the house?) Thank the booming demographic of 30-plus professionals with kids, a topic we're excited to explore at our fourth annual Philadelphia State of the Market summit on Sept. 24. The next step: keeping them here.
Post Brothers prez Matt Pestronk, who's speaking at our event, says the No. 1 way to keep the multifamily driver and their talent within city limits is repairing the public school system. He aspires to raise awareness and build a civic-minded real estate community to invest in solutions to the school crisis and support a new class of political leaders who can enable the nearly bankrupt school district to perform to its potential, he says. Matt's also a dad to two young'uns and sent us this holiday photo with the family. Since it was taken, he tells us, little Luke Skywalker has mastered the skill of swimming with a squirt gun in hand.
On the development side, the city’s multifamily fundamentals remain strong. While undervalued relative to other East Coast cities, Matt tells us Philly is getting more attention from institutional investors, leading to higher returns on development. Post Brothers’ $150M condo conversion at 260 S Broad (above) will be marketed to empty nesters and professionals when ready next summer.
Joining that project will be the the 624-unit Rittenhouse Hill Apartments, the 163-unit Goldtex renovation (above) and the $210M gut-rehab of Presidential City Apartments—which are each marketed to Millennials, singles, and young families due to their efficient (which, Matt notes, is not code for small) floor plans.
There's even more for families to look forward to. Another of our panelists, Center City District CEO Paul Levy, was on hand at the ribbon-cutting for Dilworth Plaza, which reopened today after three years of renovations. The $55M project brings fresh public spaces to the plaza just west of City Hall—notably a 12k SF programmable fountain with recycled rainwater—as well as enhanced transit connections and a cafe, Jose Garces' Rosa Blanca. Hear more from Matt, Paul, and other top real estate players, who'll talk about the hottest trends impacting the greater Philadelphia market. Register today!