The future of downtown Philly
Center City has seen robust population growth but office vacancies remain stubbornly high and the east side of Market Street is struggling to attract tenants.
Listen 51:14
Regional rail tracks leading into 30th Street station (left), Market Street (center) and Chestnut Street (right) in Center City Philadelphia. (Emma Lee/WHYY)
Does Center City Philadelphia need to be revitalized?
The city’s downtown is sending mixed signals. On the positive side, Center City has seen robust population growth and a strong recovery in daily foot traffic since the nadir of the COVID pandemic. But office vacancies remain stubbornly high and the east side of Market Street is struggling to attract tenants. Then there’s the Sixers’ arena U-turn, which left a huge development vacuum in its wake.
One possible fix: flipping old offices into new housing. The city is already a leader in that area thanks to flexible zoning laws. Are more flips possible? We’ll ask a real estate developer who has tackled some of these big projects.
We’ll also chat with Prema Katari Gupta, CEO of Center City District, about the challenges and opportunities facing American downtowns. Why is Center City drawing new residents? And what’s preventing more growth? Is it quality-of-life issues? The high cost of construction?
And big picture, we’ll ask what a vibrant Center City looks like if indeed the demand for office space is forever diminished.
Guests:
Prema Katari Gupta, president and CEO of the Center City District in Philadelphia
Mark Cartella, SVP of development and construction of Alterra Property Group, LLC
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