Quote:
Originally Posted by summersm343
^^ this is very temporary. Brandywine is still in the planning stages with this one. And once they have the plan together, they'll have to go through the approval process. They're at least a year or two out from groundbreaking on this. The parking lot will be temporary to make money on the site until they're ready to move forward with construction. What this does is also consolidates the lot, gets demo out of the way, and preps the site for shovels to hit the ground and get moving whenever they're ready. I'm thinking mid 2018 groundbreaking here.
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Yup, what he said. Same happened at UCity Square with UCity HS and everybody seemed to understand the rationale. If this were Realen or Parkway Corp, I'd be worried. It's Brandywine. I'm not even remotely concerned.
Plus the parking tax recently went up in Philly from 20.5% to 22.5% (and is generating something like $12m in additional revenues in FY16 vs FY15, which is $2-3m more than was expected from the tax increase), so this site will likely now bring in more tax revenues for the city than in its current condition.