Construction cranes stretching into the skyline across
several sections of Philadelphia give rise to hopes that the city has shaken
the shackles that constrained new building during the recession.
NewsWorks Tonight Host Dave Heller talked about the recent
uptick in Center City construction with Darwin Beauvais, real estate attorney at
Zarwin Baum in Philadelphia, and Stephen Mullin, president of the economic
consulting firm Econsult Solutions.
“Permits are on the rise,” said Beauvais. “If anyone walks
down the street, there are street closures throughout Center City. You’ll find
that we’re moving in cranes, there’s a couple of various projects in Center
City of note that will give the average citizen an idea that there is
construction going on.”
Still, Mullin said, construction has been largely limited to
residential and institutional development from universities and hospitals. The
city still has the same commercial occupancy in Center City that it did in 1980
in terms of square footage, he said.
“The city’s tax code for businesses still is very, very
harsh,” said Mullin. “We’re the only city in the country, for all intents and
purposes, that levies a corporate income tax on businesses. That is a killer
for commercial offices.”
On the residential side, while the city has seen growth in
young professionals and empty nesters, it still struggles to attract families
with school-age children.
“You have to have opportunities for schools for families if
you really want to grow,” said Mullin. “Ultimately, if you don’t have good
school options, you are not going to be living in the city unless you’re super
rich ... and you can afford other options ... that’s like a tax. If you have to
pay your property tax and pay for private education, that’s like double
taxation. That’s a really hard thing for people to do.”
Source: Newsworks.org
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