Greenberger has never seen a real estate boom like this one

Alan Greenberger sees a positive future in development for the city, one that’s been paved by a solid foundation laid in recent years.

“Well, I’ve been in the city since ’74,” said Greenberger, deputy mayor for economic development and director of commerce. “I have not seen a boom like this in the entire time that I’ve been here.”

During a Q&A session between Greenberger and Natalie Kostelni, the Business Journal’s real estate reporter, at this year’s Heavy Hitters of Real Estate awards, Greenberger looked back at his tenure with the Nutter administration. With five months left, Greenberger had a vital role in overseeing more than $8 billion in real estate projects through development concepts.

Greenberger said that he sees the real estate boom in Philadelphia continuing – perhaps not at the same pace – in the next five or 10 years. He recognized Philadelphia’s rapid growth in neighborhoods like Old City, Fishtown, Northern Liberties and even Kensington, and predicts to see this trend expand.

He credits the development to affordability, millennials inhabiting the area and proximity to the Market Frankford Line as factors. The neighborhoods’ access to public transportation to take a younger generation back and forth from Center City jobs is a large consideration in the growth of a neighborhood, he said, and predicts a similar pattern to follow up and down the Broad Street Line.

“South Philadelphia, which has got an incredibly dense, pretty good condition of housing stock, is really changing before our eyes,” Greenberger said.

And looking back on his time in office, Greenberger recognized the loose ends that are the Divine Lorraine and The Gallery, the former he said will see construction in fall and the latter in the beginning stage of dramatic change.

He also talked design and how the most important part of a building’s construction is rather how it will fit into the walkability and vibrancy of the city.

Greenberger predicts that Comcast’s newest Innovation and Technology Center “is going to be an exceptional piece of architecture” while pointing out that the Barnes Foundation is a quietter example of “tremendous success.”

After his time in office, Greenberger said he isn’t entirely sure what he’ll do. Though, he has project and advising opportunities and potentially teaching – Greenberger was a former adjunct professor – on the radar.

Greenberger said that despite huge changes in the cityscape, the biggest difference he sees in Philadelphians has to do with attitude.

“Philadelphians now, I think, have a belief that this city capable of, and maybe even has an expectation of growth.”

Source: Philadelphia Business Journals