Congratulations to James Hamilton on his promotion from Project Analyst to Associate!
Welcome to Research Associate Katharine (Kate) Neuman!
Congratulations to our client Esperanza on the adaptive reuse of a massive vacant industrial building at Fifth and Luzerne Streets in Philadelphia into 38 units of affordable housing and first floor commercial space. This former hosiery factory was subsequently used as a middle school, but in recent year was a blighting presence in this North Philadelphia neighborhood. Esperanza’s vision and tenacity bringing this project across the finish line has resulted in an attractive and dynamic anchor for the surrounding community.
In September, the City of Detroit released the details of the Douglass-Market Transformation Plan for Brush Park, Brewster Homes, and the Eastern Marker District in the City’s greater downtown. As part of the consultant team, RES provided market analysis in support of this Transformation Plan. In June, the City applied for a $30 million Choice Neighborhoods Grant to support the implementation of the plan.
The details of the Douglass-Market Transformation Plan are outlined in following Crain’s Detroit Business article linked here: Brewster-Wheeler, Eastern Market, Brush Park plan increases to $416.6 million, 1,037 housing units. More about the Transformation Plan and the City’s Choice application also can be found on the City of Detroit’s website linked here: About Choice Neighborhoods.
Germantown United Community Development Corporation (GUCDC) has retained Real Estate Strategies, Inc. (RES) to conduct a market study and develop a revitalization strategy for the Chelten Avenue commercial corridor in Germantown. GUCDC is actively working to bolster and reinforce the vibrancy of Chelten Avenue to meet the needs of the surrounding community, attract visitors from outside the immediate neighborhood, and provide employment opportunities for neighborhood residents. Building on these efforts, the purpose and objectives of this study are to explore opportunities to strengthen and diversify the mix of commercial uses in the corridor, the potential to reuse vacant or underutilized properties, business and job attraction strategies, and available sources of funding to support recommended revitalization strategies.
RES provides advisory services in real estate and economic development and has extensive experience in preparing market analyses and developing revitalization strategies for commercial corridors and neighborhoods in Philadelphia and throughout the greater mid-Atlantic region. Additionally, RES principals have over 25 years of experience working on development plans and initiatives in the Germantown neighborhood. Careful market research underpins all RES engagements, with the understanding that the best business attraction and economic development strategies begin with a realistic understanding of market dynamics.
The mission of Germantown United Community Development Corporation (GUCDC) is to promote and facilitate the revitalization of the business corridors in the Germantown neighborhood of Northwest Philadelphia through a sustainable, creative, and community-driven approach to economic development. Learn more at www.germantownunitedcdc.org.
In a special edition of their Community Connector newsletter, Philadelphia LISC showcased the work RES completed to assist six of Philadelphia’s commercial corridors in attracting new investments. In addition to providing retail market analyses, RES developed business attraction tools to help showcase the unique and marketable aspects of each corridor. You can see the materials featured in LISC’s Community Connector here.
RES is part of the consultant team working with Parkside Business and Community in Partnership (PBCIP) on a plan for the revitalization of the Parkside neighborhood in the City of Camden. The plan, funded by the Wells Fargo Regional Foundation, is a comprehensive and collaborative community effort that will address strategies related to housing, economic development activities, community amenities, and healthy and sustainable living.
With funding from the Local Initiatives Support Corporation (LISC) and State Farm, RES has assisted six of LISC’s Philadelphia commercial corridor grantees by preparing detailed retail market analyses, marketing materials to use in business attraction efforts, and a detailed data package for reference and distribution to both new prospects and existing businesses considering expansion. On April 27, RES led a half-day workshop to help corridor managers understand how to use these materials to develop corridor strategies and attract targeted retailers. The workshop was attended by the six corridor managers as well as representatives of the City Commerce Department, the Philadelphia Association of Community Development Corporations and LISC’s national office.
In early December, the Philadelphia Land Bank received 150 properties from the Philadelphia Housing Development Corporation (PHDC), the first deposit into the Philadelphia Land Banks’ inventory. By the end of the year, PHDC will transfer approximately 500 additional properties to the inventory. All of the approximately 650 properties have been posted on the Land Bank’s inventory search.
RES was part of the consultant team that developed the first Strategic Plan that will continue to provide direction for Land Bank operations.
Check out this PlanPhilly article for more details or get up-to-date news at the Philadelphia Land Bank’s website: http://www.philadelphialandbank.org/.
The DePaul Group recently opened model homes at the new Reserve at Creekside townhouse community in Whitemarsh Township, Montgomery County, PA. DePaul had retained RES to assess potential market support for this new development including providing recommendations on the number of units, unit size and layout, pricing, interior finishes and features, and community amenities.
This new community of more than 200 luxury townhouses is offering six models ranging in size from 2,652 to 3,250 square feet. The superior architectural design has created the feel of a manor home with spacious interiors and attractive finishes and features. DePaul has sold more than 50 units since marketing began in January 2015. For more information on this beautiful new community, visit www.reserveatcreekside.com.
The Autism Housing Development Corporation of Pittsburgh (AHDCP), in partnership with ACTION Housing Inc., has commenced construction of their first development, an affordable housing apartment building located in Heidelberg, PA. Preference for half of the units in the building will be given to adults on the autism spectrum who are able to live independently. RES prepared the market study for this innovative project, which received an allocation of Low-Income Housing Tax Credits in 2014. To view pictures from the groundbreaking and to learn more about this project, please visit AHDCP’s website by clicking here.
The Housing Authority of Kansas City (HAKC) was awarded a HUD $30 million Choice Neighborhoods Implementation Grant for the Paseo Gateway Choice Neighborhood in Kansas City, MO on September 28, 2015. RES served as market analyst on the Wallace Roberts & Todd team, commissioned by HAKC to prepare the 2013 Paseo Gateway Transformation Plan. The Plan and the RES market analysis addressed commercial redevelopment along the Choice Neighborhood’s Independence Avenue commercial corridor and mixed-income rental and for-sale housing in the Choice Neighborhood and also at off-site locations for residents of Chouteau Courts public housing. Funded by a Choice Neighborhoods Planning Grant awarded in 2011, the Plan will provide the framework for neighborhood redevelopment.
The team then assisted HAKC with its successful Implementation Grant application. RES prepared the Preliminary Market Assessment, marking our work on a third successful Choice Implementation Grant.
Click here to read more Paseo Gateway and the Implementation Grant.
RES has teamed with McMahon Associates, Inc. and Gannett Fleming to complete the Route 30 Multimodal Transportation Study, a coordinated land use and transportation plan for the Route 30 corridor in Western Chester County. The first community meeting for this event was held on September 16. For news coverage of this event, click here.
The Perth Amboy Redevelopment Team for Neighborhood Enterprise and Revitalization (P.A.R.T.N.E.R.) was awarded a $500,000 grant from the Wells Fargo Regional Foundation to help in the development and revitalization of Perth Amboy’s Gateway Neighborhood. Together with P.A.R.T.N.E.R. and Triad Associates, RES helped to develop the underlying Gateway Neighborhood Strategic Plan which set the stage for the award of this major grant. To read the press release, click here.