Old City fulfills the fundamental dictum of profitable real estate investing and retailing: “location, location, location”. The property is surrounded by numerous thriving bars, restaurants, and retail shops.
The area is especially busy on First Fridays when Old City becomes the epicenter of an artistic and art-appreciating crowd drawn from nearby neighborhoods and the suburbs.
More and more people want to live in Old City:
Young, old, artist, hipster, professional. New apartments and condos propagate even as rents and prices per square foot rise. The vibrant, wealthy community values local businesses and quality residences and the real estate upon which the sit.
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At last count, 1,300 new luxury condos and townhouses were approved, under construction or just finished. This affluent population wants food and drink and can pay for it. Old City is booming.
Philadelphia has also attracted more major events recently, such as the Pope’s 2015 visit, 2016 Democratic National Convention, and the 2017 NFL Draft. The Convention Center as well hosts both national and local gatherings that draw tens of thousands of people to the Center City area each year, including the 2nd St and Market St Corridors. These big splashes will send out ripples for years to come.