For decades, few private developers wanted to invest in Germantown — a predominantly Black, family-friendly community with a high poverty rate and significant blight. Until recently, a single company was behind most of the major developments in the neighborhood. That’s no longer the case. Over the past few years, Germantown has experienced a wave of residential construction that’s seen at least a dozen developers enter the market, a multimillion-dollar shift that’s become a hot topic of conversation among residents. While some think the influx has the potential to improve Germantown, others find the rate of new development alarming and fear swift gentrification. Most of the projects built or planned for Germantown are by-right apartment buildings offering studios, one-bedrooms and two-bedrooms, meaning they don’t require any zoning approvals for construction to start. Since 2019, at least 400 units have come online, according to commercial real estate giant CoStar. That total is expected to more than double in 2025. The majority of the new developments are ground-up construction, but the list does include some renovations of existing properties, including Vernon Lofts. Developers are also transforming Germantown High School into a 240-unit apartment building with ground floor commercial space. The vacant property is one of three neighborhood landmarks residents have desperately wanted developers to revive. Read more here.
Source: PlanPhilly; 3/19/2024