Since adopting the
Civic Vision for the Central Delaware plan in 2008,
city planners have considered mixed use development and even new transit
options to draw visitors to the Delaware waterfront. But according to a
new study released October 25 by
Penn Future and the Coalition for
Philadelphia's Waterfronts, all they need to do is add green space. If
they do, the study claims, the city will see $30-$40 million in annual
health care savings, $800 million in aggregate household wealth gains
and up to $24 million annually in new tax revenues from increased tourism
activities and higher property values. This report will help shape city
planning decisions as various city agencies look to complete waterfront
plans in the next year.
"We were not playing the role of advocate with this report and, if
anything, erred on the side of conservatism so as not to be seen as
overstating," says Lee Huang, a report consultant from University City's
EConsult. "We see this report as useful as city planners weigh the costs
and benefits of building the waterfront greenway. As you can see, there
is a long list of beneficiaries to this project."
Health care savings from people using bike lanes and pedestrian trails
are significant. But the largest increase would come from what the
report calls the "equity of access," whereby properties in
waterfront-adjacent neighborhoods would now be within walking distance
of parks and waterfront activities, increasing home values. This benefit
has been observed in cities like Atlanta, Ga. and helps legitimize
projects, like the
Race Street Pier greenway, that are already underway.
"The universe of people that are not currently near an outdoor amenity
is about 98,000 individuals representing 44,000 households," says Huang.
"That is a very important consideration to keep in mind."
Source: Lee Huang, EConsult
Writer: John Steele