While every real estate development is different, in most cases, to be truly successful, many factors must come together. In some situations this involves bringing together the right group of stakeholders. An example of development in Philadelphia that has done this is the Schuylkill River Trail. Recently voted by readers of USA Today as the best American urban trail, 10.5-miles of it is located within the city limits of Philadelphia. Included in that portion of the trail is a 2,000-foot boardwalk that was completed several years ago.
The group behind the completion of the boardwalk is the nonprofit Schuylkill River Development Corporation. The group is made up of stakeholders from a variety of backgrounds, including the city, state, two local universities, a hospital, developers, a railroad and the local electric utility. This group worked together to secure the funding for the $19 million needed to complete the boardwalk. Among other places, the funding came from a federal Congestion Mitigation/Air Quality grant and Transportation Investment Generating Economic Recovery stimulus grant.
The SRDC plans to continue to develop the trail and expects to acquire the property necessary to do so, via donation, easements, purchase or eminent domain. Since the development of the land along the river boosts the value of surrounding real estate, it is not expected that the group will have to resort to eminent domain.
With so many different groups having an interest in the development there are undoubtedly many issues that could arise throughout the process. In any real estate development an attorney may be of assistance in addressing and minimizing the impact of those issues.
