Philly could reap higher profits on land sales with a little extra work, councilman says

A Philadelphia councilman has proposed a way for the city to make more money in upcoming property sales. 

Councilman Alan Domb, who is also a developer, suggested that the city spend a little extra time and money getting properties shovel ready to reap major benefits.

“I just think on any parcel of property the city is going to sell, we should figure out the highest and best use — whether it’s by an architect or any other form — and rezone it,” he said. That would keep “people from buying it from us super cheap, to upzone it and make all the money.”

The increase in sales prices could be substantial, he said.

“Could be anywhere from 20 to 50 percent, depending on the upzoning,” he said. “If you have zoning that allows for four stories, and we can get it upzoned to 20 stories, it’s a different ballgame.”

Domb anticipates the city spending between $10,000 and $20,000 on each property.