The impact of open space - Philadelphia

Sometimes we forget the impact of open space on the value of our projects. Sure, we always have to allocate some portion of our sites for open space to meet city requirements, but that doesn’t always mean it’s going to be designed for the greatest use by people. It’s been demonstrated in multiple studies in the United States that parks increase property values within their immediate area. Sometimes this can be upwards of 15-20% for up to 800 feet in every direction. In some areas like Rittenhouse Square in Philadelphia, this premium on land and buildings extends several blocks. If only every city could be blessed with the features of this original open space from the plan of Philadelphia. Check out the photos on a Google search of this great place. Dining on 18th Street overlooking the park last evening provided views of many buildings that have evolved into multiple uses since the vision of William Penn in the 1600's. The streets, restaurants and the park itself are all bustling with activity. It’s a great reminder of what park space can do to real estate values. If you get a chance to visit this historic gem in our country, I recommend it.