One of the enduring mysteries of Philadelphia is the fact that there are still blighted or underutilized structures in an area of the city with sky high real estate values. Why?

very simple…….1) financing still is not that easy to get……2) the owners many times own these properties outright….at such a low cost basis that they can afford to hold on to them until someone is willing to pay an outrageous sum……3) our tax assessment system is backwards, the mayor and his administration are trying to fix this but most people including city council are fighting him on this……. if we taxed these properties at actual market values trust me the owners would have an incentive to sell or develop these projects, ……….

[...] The old Berger Brothers tinnery factory will soon bring 65 apartment units to the rental market when… “Pretty soon,” says Naked Philly, “there won’t be any such buildings left to convert in this part of town, but we’re not there quite yet.” [...]

Maybe I’m thick-headed or just don’t read enough about it. Why is city council fighting against the mayor in an area that would generate major $ for the city and stimulate development?

because ….many people especially in areas that gentrified rapidly in the last 3 decades (Society Hill/Washington square/ Northern liberties/ “G-HO) have been paying taxes at assessed values that are sometimes less than 30% of actual value (thus they are grossly under taxed ……when the assessment system is fixed they will see huge increases ….no one can blame them for not wanting this….however it is grossly unfair for someone in a home with a market value of $500,000+ to be assessed at the same value as someone in working class neighborhoods throughout the city where market values are less than $200K……also in the past you had “spot assessments” where politically connected people in wealthier neighborhoods (Chestnut hill, West Mount Airy, and a few of those previously mentioned neighborhoods had their assessments frozen in the 80′s and 90′s); people who later purchased those houses knowingly or unknowingly have also paid outrageously low taxes..for years…now they will see their taxes skyrocket) …..PA state law (Charter) doesn’t allow for commercial and residential properties to be taxed at different rates……thus you have an unholly alliance of dead beat commercial property owners (slum/blight lords), aging urban explores, yuppies., and grandmoms w/fixed-incomes howling to their council people about the changes….

Very happy about the repurposing of this building. Too many times we knock down these buildings and lose the fabric of the streetscape. OCCA will probably fight against a restaurant (they like to keep eating and drinking compressed around and south of market street) But we need more restaurants for our growing neighborhood. Maybe one of our well financed award winning restauranteurs would step up with something.

The vacant lot across the street just posted a zoning notice. Subdividing the lot into 3 and building 65 foot single family homes. Any info on this? These place are going to be gigantic

[...] for the project are Cecil Baker and Partners, the same folks that did the design work for the Berger Bros. building conversion in Old City. Do people like the design? The way that they laid out the site? The density? One thing [...]