Quote:
Originally Posted by Lecom
Problem: Abandoned landmark and blighted lots.
Solution: Build schools. Many, many schools. Even it if takes relocating every local school to the site. Build up real estate with schools, so that existing schools may be demolished to make way for real estate in less desirable areas.
Am I missing something?
|
Yes, those schools are currently in MORE desirable areas. Each of them are in this same general vicinity, only much closer to Center City. The Franklin, FLC, & Masterman properties pretty much run up against one near the intersection of Broad & Spring Garden (with two huge vacant lots on the nw & ne sides, which if I'm not mistaken, this same developer already owns) and could represent a massive development opportunity in and of themselves, with the advantages that they are closer to Center City in the pretty much established Spring Garden neighborhood, where a 3 story 4 bedroom house will set you back ~600K, and not next to housing projects unlike the proposed site. Even Parkway is in an area that has seen a great deal of construction over the last 5 years or so.
This is why this can make sense for EB Realty. I'm still not convinced of the plan, but it isn't insane if you know anything about the 4 schools we're talking about.