Real Estate Opportunities Available in Philadelphia
The sixth largest city in the United States, Philadelphia is currently home to more than 1.5 million people. It’s the birthplace of America, where the Declaration of Independence was signed and the American Revolution took root, even serving for a short time as the nation’s capital until the permanent one in Washington, DC was completed.
Like its illustrious beginnings, Philadelphia, remains a hotbed of innovation. Its current metamorphosis is sparked by development and the impact is evident in its rapidly evolving skyline. Despite a tsunami of new construction, Philadelphia has found a way to strike a balance between old and new. The character and charm that we think of, is ever present, particularly in the many interesting and diverse neighborhoods that surround Center City. This blend of old and new make a fantastic place to live, work, and visit, which is why Philadelphia is so popular with investors today.
As the largest developer of townhomes in Philadelphia, NRIA has executed projects in the most sought- after neighborhoods where the rowhouse, Philadelphia’s signature architectural style, dots the streetscapes. NRIA has created a niche by reimagining the rowhouse selecting choice infill lots and erecting modern, multi-level iterations marked by gorgeous design and contemporary features including elevators, rooftop decks, and in some cases plunge pools with dramatic views. NRIA’s modern twist on a Philadelphia classic has created new opportunities for investors that offer 10-year tax abatements. Selected by Philadelphia Magazine Design Home 2016 for its Adagio development in Society Hill, NRIA is a seasoned developer with a solid track record of guiding investors to lucrative real estate opportunities in the City of Brotherly Love.
Investments in Philadelphia
Though Philadelphia has long been a sought-after city to live in, recent developments are creating not only more luxury homes but more attractions too, which have contributed to Philadelphia’s designation as the nation’s first World Heritage City. The completion of the Museum of the American Revolution, Philadelphia’s world-class art collections, winning professional sports team and a growing reputation as one of the nation’s most exciting food destinations according to Travel and Leisure Magazine has added to its popularity and allure as a destination, which increases its investment potential.
Investing With NRIA
NRIA offers development and investment opportunities in Philadelphia and other premier markets along the East Coast. They specialize in luxury single-family homes, townhouses, condos, and mixed-use properties in highly-desirable markets. By tightly managing the construction process, NRIA creates value for investors from the ground up. They also help investors after the construction is done by managing the properties, which makes it easier for investors to own and operate from afar. Right now, they have a number of opportunities in Philadelphia with a growing number of opportunities in South Florida, Brooklyn and Northern New Jersey.
Logan Circle, as it’s called today, is a highly trendy neighborhood also referred to as Logan Square due to its origin as one of the five planned squares that defined the city grid. It is bisected by the breathtaking Benjamin Franklin Parkway and home to several of Philadelphia’s world-class cultural institutions
including the Franklin Institute Science Museum, The Barnes and The Academy of Natural Sciences. Alexander Stirling Calder’s magnificent Swann Fountain sits at its center with stunning views of City Hall in one direction and the Rocky steps of the Philadelphia Museum of Art in the other. It’s a choice location for young professionals and business owners to take root. NRIA’s newest development, Museum Estates, is located there offering eight, ultra-luxury townhomes on the site of the former Please Touch Museum.
Manayunk, just minutes from Center City Philadelphia, boasts a half-mile of boutiques, restaurants and galleries along Main Street, once a manufacturing center of Philadelphia. The old mills have been transformed into loft apartments, and the dated storefronts replaced by hip businesses. The neighborhood is a favorite of young professionals, students and visitors. Cyclists enjoy its hilly topography and frequently test their mettle on the famed Manayunk Wall, an epic vertical climb. With its charming canal front location and small town vibe, Manayunk is highly-desirable offering a variety of living options for every budget.
After years of being labeled a quirky haven for those with artistic spirits and entrepreneurial leanings, NoLib’s has stepped into the limelight as one of Philadelphia’s most popular neighborhoods. Its eclectic array of independent stores, restaurant, bars and renovated factories make it an interesting place to live, start a business or set up an artist studio. Schmidt Commons is one of the most famed NoLibs destinations with shops, galleries, cultural events and restaurants on the historic site of the decommissioned Schmidts brewery, Philadelphia’s largest and most famous brewery. Development opportunities abound and there’s a plethora of new construction opportunities as more people and developers continue to make their move to Northern Liberties.
On the National Register of Historic Places, Old City is considered the U.S.’s most historic square mile. It includes the location of the Liberty Bell, Betsy Ross House, the oldest street in America, Elfreth’s Alley, and homes dating from the mid to late 1700s. Ben Franklin and four other signers of the Declaration of Independence are buried at Christ Church Burial Grounds in Old City. Despite its historic pedigree, Old City is decidedly hip with a neighborhood vibe that draws upon its vibrant restaurant, arts scene and nightlife. Factory warehouse conversions have produced sun-drenched loft apartments with names like Hoopskirt Factory and Chocolate Works. Though many of the buildings are adaptative reuse projects, there are new opportunities for investors including NRIA’s Townhouses at Lippincott Alley.
This working-class neighborhood was settled by Irish immigrants in the latter part of the 1900’s and is best known for its unique culture of Mummery. Today, Pennsport is home to a diverse population of residents. The area generally consists of rowhouses, but there are luxury townhomes being constructed nearby including the 1499 S. Christopher Columbus Blvd project, which will include 214-townhouses near the Delaware River.
Queen Village is an older neighborhood in Philadelphia that showcases three centuries of American- architecture and buildings. It’s highly walkable with coffee shops, restaurants, independent boutiques and neighborhood bars frequented by the young families and professionals, who make Queen Village their home. The area suffered a decline after World War II but has seen a renewal in interest as the population has steadily grown again since the 1970s. Around 7,000 people, among the wealthiest people in the city, reside there now.
The Rittenhouse Square area is the most expensive and exclusive neighborhood in the city considered the restaurant and shopping mecca of Philadelphia. Its residents are among the highest income producers in the United States. The stately neighborhood is anchored by a lovely tree-filled park surrounded by high-end apartment buildings with luxury residences and top floor penthouses. Offering a good mix of new townhomes, rehabbed brownstones and older low-rise apartment buildings, it is a charming place to live if your budget allows.
One of the oldest neighborhoods in Philadelphia, Society Hill was first settled in the late 1600s. It is known for its historic cobblestone streets, sidewalks, and street lamps. It has a high concentration of historic buildings and includes many 18th and 19th century buildings. As the area continues to grow, new luxury townhomes, and condominium buildings are being incorporated with the older homes to create a much sought-after neighborhood.
University City is home to major universities and health-institutions including the University of Pennsylvania, Children’s Hospital of Philadelphia, Drexel University and Penn Medicine. It’s an area that has experienced several periods of redevelopment to keep pace with the growing desire to have students and employees live closer to campus and work. Right now, the area is expanding East toward Center City stretching to the banks of the Schuylkill River. The most notable development underway is a $3.5 Billion redevelopment plan that includes 6.9 million square feet of hotel, retail, office, residential, lab and green space. Called Schuylkill Yards, it’s a collaboration of Drexel University and Brandywine Realty Trust.
NRIA offers assistance to those who are interested in investing in real estate. So, if you’re considering real estate as your next investment move, check out the NRIA website now. Visit the “About Us” page for more information on what they do and what they can help you with. Keep up with the “News” page to learn more about the new development opportunities they can provide as well as to learn more about the different opportunities they have available today. If you’ve been looking for a real estate investment opportunity, NRIA can help you through the whole process.