What’s the future of Market East?
Experts have mixed feelings about the future of East Market Street now that an arena is off the table.
While some say not having an arena makes it easier to reimagine the corridor, others argue that the task will be much harder to achieve without having the 18,500-seat facility as an anchor.
Mohamed “Mo” Rushdy, president of the Building Industry Association of Philadelphia, has said it will be difficult to replace the lost foot traffic and indirect revenue generated from the scrapped arena project.
The facility was expected to be open 150 nights a year between games, concerts and other events.
“Developers look to develop in areas where there is life and a commercial corridor that is viable. Currently, Market East is not a viable corridor. It needed that boost,” said Rushdy, who is also a managing partner of the Riverwards Group.
Lauren Gilchrist, executive vice president and market leader for Newmark Greater Philadelphia, sees things differently.
Without the arena, Gilchrist said the city has a clean slate to create a master plan that offers developers a clear road map backed by the public policy community, elected officials and residents.
“This just changes some of the tone of the conversation with investors, but it doesn’t necessarily make it worse,” Gilchrist said earlier this year.
City spokesperson Karen Guss said Monday that there is no timeline for the start of the master plan process.
“We expect to share details soon about the process the administration will pursue, along with key external, internal and community stakeholders, for short- and long-term planning for East Market Street,” Guss said.