Economic Development

The target area of West Philadelphia is part of several federal and state government initiatives aimed at neighborhood development. Portions of Walnut Hill are located in a Keystone Opportunity Zone (KOZ), Keystone Opportunity Expansion Zone (KOEZ), or Keystone Opportunity Improvement Zone (KOIZ). Small businesses or companies located in an Opportunity Zone benefit from numerous tax exemptions, including state and local real estate, use and occupancy, income, and sales taxes. These abatements will last until December 2010 (for a KOZ business), 2013 (for a KOEZ business), or 2018 (for a KOIZ business). Public assistance for housing rehabilitation and new construction in the area has taken many forms, including grants from Philadelphia's Office of Housing and Community Development, the Pennsylvania Department of Community Affairs, federal tax credits for low-income housing, and Federal Housing Authority mortgage insurance.

Another community revitalization project that will affect Walnut Hill is the $567 million renovation of the Market-Frankford El, which will replace 11,000 feet of support structure and rebuild the 46th Street, 52nd Street, 56th Street, 60th Street, 63rd Street and Millbourne stations. SEPTA will eliminate the series of support columns that currently separate traffic lanes on Market Street and create a dark, tunnel-like atmosphere at street level. In their place, a new single row of pillars will improve the light quality on Market Street and ease the flow of traffic. The renovated stations will feature brighter lighting, full compliance with the Americans with Disabilities Act, and permanent art installations; the El project will also serve as a catalyst to the improvement of the Market Street corridor's streetscape. During construction, SEPTA's contractors are committed to providing employment opportunities for minority, female, and local residents, with the goal that West Philadelphia residents will complete 10% of required work hours.

Walnut Hill's current economic infrastructure consists of some small retail stores, limited service take-out dinning, and rental properties. This retail environment does not sufficiently serve the needs of the community, and the inadequacy of the market forces residents to do most of their shopping outside of Walnut Hill. Rising rental prices, home prices, and real estate taxes compound this economic leakage and create an environment that demands steadily increasing financial commitment from residents.

Economic development can occur through the creation of a vibrant commercial corridor. The proposed Plaza at Enterprise Heights will create the infrastructure for further neighborhood-serving retail, and will benefit from the increased foot traffic in the area catalyzed by SEPTA's ongoing improvements to the Market Street EL. Additionally, the Pennsylvania Minority Business Enterprise Center (PAMBEC) at the Enterprise Center will foster local businesses and entrepreneurs.

The Walnut Hill neighborhood plan will identify methods to ensure that economic growth in the neighborhood will benefit current residents and retain community wealth while creating permanent jobs and encouraging local hiring. Improvements along Market Street, the Plaza project and assistance from the SBDC prefigure economic development and a promising economic outlook for Walnut Hill and its residents.