Daily News | Here’s why Philly’s empty offices likely won’t become apartments any time soon
How many more apartments can Philadelphia’s market absorb in the short term? That’s a question under debate that could specifically haunt ambitious projects like office-to-residential conversions of post-World War II buildings“There’s a lot of ground-up apartments being built in Philadelphia right now,” said Ashley DeLuca, who co-leads a new team at the law firm Ballad Spahr focused on distressed office buildings.
The city’s 10-year property tax abatement was created in 1997 to facilitate the transformation of underused office buildings in Center City into residential apartments. It lasts longer and comes with fewer restrictions than comparable incentives in other cities. “Many people seem to be confused,” Levy said. “There’s been so much focus on the reduction in the 10-year tax abatement for new construction, but there was no change to the 10-year tax abatement for the renovation of vacant office or industrial to residential use.”, where empty office buildings are a bigger economic threat than they are in Center City’s weaker market, policymakers are looking at conversion incentives that mirror what Philadelphia already has in place.
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