How’s this for great news? Philadelphia is embarking on a new era of revitalization with its newly created land bank. This new public entity is designed to make it easier for developers to rehabilitate about 40,000 vacant properties citywide that have been community eyesores and magnets for crime.
The new land bank places property management of vacant parcels — both publicly and privately owned — under one umbrella. It’s a HUGE step that paves the way for a host of redevelopment projects that have stalled in the past due to red tape and bureaucratic delays. Some developers have simply walked away from important projects rather than try to acquire land from different public and private entities. In fact, it’s been such a hassle to acquire and develop vacant parcels that city agencies have only sold about 1 percent of their parcels each year!
We are proud to have been a part of the community-wide coalition that has supported this vital effort!