Crucial Revenue Stream For East Market Projects Called Into Question
A change in the approval process for signage on East Market Street could mean serious upheaval in the development of a crucial commercial corridor.
The process for permitting advertising signs in the area will be transferred from the City of Philadelphia to PennDot by the Federal Highway Administration. Projects that haven't yet put advertisers' signs up will have to resubmit their applications, according to the Philadelphia Buisness Journal.
Affected buildings include the massive East Market mixed-use development, along with the nearby Lit Brothers building and the forthcoming Galleria renovation.
"We really need the income [from the signs] to recover the investment we make," Mark Merlini of Brickstone Realty, which is developing the Lit Brothers building, told the PBJ.
The transfer of permit issuance was due to concerns the FHA had over sign size and driver safety, and the resulting transition has multiple parties invested in the success of the East Market corridor anxious.
“It’s important that we deal with this quickly and give clarity to developers,” Philadelphia city managing director Brian Abernathy said. “We’re not going to get everything we want and we’re going to need to figure out what the best resolution is.” [PBJ]
