PHILADELPHIA (KYW Newsradio) — Years in the making, the redevelopment of Festival Pier is underway. The development is a new stage of growth for the central Philadelphia waterfront.
Mayor Jim Kenney led the groundbreaking ceremony on Columbus Boulevard at the base of Spring Garden Street.
“This is a great, fun, happy day for the city,” said Kenney.
The redevelopment is part of a master plan, finalized in 2011, to convert that part of the Delaware River waterfront into a mixed-use development.
Joseph Forkin, president of the Delaware River Waterfront Corporation, said city government and neighbors primarily spearheaded this effort.
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“We’re this year celebrating the 10 year anniversary of our master plan for the central Delaware,” said Forkin.
“That is a completely community-driven plan, the city’s road map for the responsible redevelopment of the waterfront.”
The project is expected to create 470 homes, 50,000 feet of commercial space and four acres of public space.
“We said, ‘What do you want here?’” Forkin said.
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“Their response to this site was they wanted to continue Spring Garden Street all the way to the Riverfront, generous public access and a perimeter path around active retail that would draw in the community.”
The 5.8-acre area is the second-largest publicly owned parcel along the river.
Kenney said this project is proof that Philadelphia is moving in the right direction.
“We are retaining, attracting business people who want to live in the city. There are businesses that want to be in the city,” said Kenney.
“It continues to show, despite the naysayers, that the city is back and moving forward.”