Old City is young, smart and undergoing a resurgence in
residential development and job growth, according to an inaugural report by Old
City District called, The State of Old City.
The report is the first for the organization, which did
so as a way to “control the story” about the neighborhood and educate others
who are interested in it. Part of that is to continue to dispel it past
reputation as a crime ridden, club hopping neighborhood. It has evolved over the last decade.
“We used to have more than a dozen clubs and that's what
we were known for and now we’re down to two,” said Job Itzkowitz, executive director of the special
services district.
The community is way more than that, now, and continues
to become a formidable place to live, visit and grow a company, he said.
The report will be a tool used to attract residents,
inform commercial real estate brokers, retailers and other entities seeking to
get more information about this part of Philadelphia, which includes the
historic area. Among its compelling findings: Old City has a growing population
of people of which 70 percent are between the ages of 20 and 40 years old and
are very well educated.
Other data points include:
- The neighborhood experienced a 33 percent population growth over the last 15 years;
- Its per capita income is $86,000;
- Of its residents, 80 percent have a bachelor degree or higher;
- It saw a surge in housing development, adding 2,600 units with another 1,000 to be completed over the next two years;
The median home sale was $430,000 and $342 a square foot;
and
Old City has 17,000 workers and experienced a 37 percent
job growth during the last decade with, in just the last year, 60 new
businesses moving in or existing ones expanding.
That might have been one of the more startling statistics
to come out of the report, Itzkowitz said. While the Central Business District
and University City have historically contained the bulk of the city’s jobs,
Old City appears to be a burgeoning hub of commerce.
That is expected to continue with the expansion of a
Keystone Innovations Zone, the recognition of North Third Street as “N3RD
STREET” where tech and creative firms have clustered; the expansion of
co-working spaces and the migration of entrepreneurs, tech companies as well as
digital media, marketing and branding firms to the area.
Or as Chris Cera, CEO of Arcweb who was quoted in the
report, said: “This is going to be the tech center of Philly, here in Old City,
in 10 years.”
All of which has meant that Old City District has begun
to look at where it will be in that timeframe and has also laid out a plan
called “Vision 2026” to help guide where it wants to go and prioritize its
goals.
“This is a vision, a document of how we would like to see
the neighborhood develop,” Itkowitz said when that report was released a couple
of months ago.
To that end, the organization is looking at enhancing
public areas such as activating the area under the Benjamin Franklin Bridge;
making the neighborhood more walkable and connected to other neighborhoods;
fostering commerce, retail and residential development; and ensuring it
continues to be a destination for visitors and new residents.
“It’s meant to make Old City a better place and help
shape it,” Itzkowitz said.
Source: Philadelphia
Business Journal
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