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Philly Tax Incentives for DT Residential could be model for W-S & GSO


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Given all of the interest in downtown residential development in Winston-Salem, Greensboro and throughout the state, I thought the strategy that Philadelphia has taken could be a way to significantly boost development of residential highrises/conversions in the 2 cities centers. There could be a similar tax incentive scheme developed to entice retailers like the ones in the thread about DT W-S retail wish list. I would also like to see incentives along these lines to encourage suburban offices and developers of suburban midrises to move and/or build downtown instead of around Stratford Rd/Five Points, University Pkwy, Hanes Mall area, etc.

Philadelphia, which has served as the poster-child of urban blight among the Washington-NY-Boston corridor is turning things around in the last few years. Philly is analogous to a large scale Winston-Salem in that it is a proud city that had an incredible entrepreneurial foundation and history but peaked decades ago and ostensibly became a city of old-money elites who abandoned the center city. Recently, however, its renaissance has been the subject of numerous NY Times articles including one which recently dubbed it as the "6th Borough of New York" or the "New Brooklyn." See the article about their incentives program at: http://www.nytimes.com/2006/01/08/realestate/08nati.html

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the "6th Borough of New York" or the "New Brooklyn."

South Florida was also given that "6th borough" name as well.

The incentives are being brought into Philadelphia because of population decreases and its bad reputation. New Yorkers dont want to leave the energy and fast pace so they invade Phila and gentrify/restore old buildings around center city Philadelphia and then commute to NY by train. That would mean going to 30th street station, up the SEPTA line, change trains in Trenton and then take the train straight into Manhattan at Penn Station. The commute throughout the entire train duration, not including getting to 30th St Station and switching trains would be at least an hour and a half long/90 miles one way. 90 miles is crazy but people commute from eastern Long Island, Albany or the Poconos by car and thats between 70-100 miles depending how far your coming from!

Anyways, back on topic

Anything to encourage life in downtown areas is got my vote :thumbsup:

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