Last year, Philly experienced a building boom, with more than 1,200 building permits issued for new construction. That’s a 20 percent increase from 2015, and there are no signs of this trend slowing down in 2017, according to a new analysis.
FixList, a Philly-based online company that provides real estate data for investment opportunities throughout the city, recently compiled a treasure trove of information about new building and zoning permits issued in Philly from 2011 to 2015. The report’s findings reveal which neighborhoods are slowing down or experiencing a construction boom, as well as what kind of projects are being built.
A couple of key details from their findings:
91 permits were issued for towers in the last 5 years
No surprise here: A lot of high-rises are under construction in Philly (at least 25 by our last count). FixList found that of the 91 permits that were issued for mixed-use towers (zoned CMX4 and CMX5), 31 are still in play. In fact, five more permits have already been issued in the new year.
Construction is slowing in Northern Liberties, rising in Strawberry Mansion
It’s no surprise that building permits for new construction is on the rise in popular neighborhoods like Fishtown and Kensington. But there are some other neighborhoods where the building boom may not seem so apparent. For example, there were 37 building permits for new construction issued in Strawberry Mansion in 2016—that’s a huge increase given the fact that in 2011 just one permit was issued there.
Meanwhile, Northern Liberties, which most recently earned the title as a top Boom Town in the U.S., experienced a lull in new construction in 2016.
What kind of projects are being built in Strawberry Mansion, Francisville, and Ludlow (near Kensington)? A whole lot of multi-family rentals—they make up 49 percent of the building permits issued in 2016.