A new bill has caught City Hall’s attention as it is making it faster and less costly to build in Philadelphia. Now developers can pay a $540 fee for their building to be reviewed sooner, reducing the wait time from five to 30 days.
Councilmember Maria Quiñones-Sánchez is passing on this legislation in an effort to encourage more real estate development projects, especially affordable housing, to reach completion.
Market-rate developers would pay quadruple the current cost of expedited permit reviews, allowing affordable-housing providers the opportunity to expedite their permits without cost.
“This allows developers to have more predictability,” said Quiñones-Sánchez, “especially when they are financing deals that need to be closed on with a particular construction deadline. It streamlines, allows for predictability, and builds capacity in the Department of Licenses and Inspections.”
If this bill is passes, the Department of Licenses and Inspections would add six plans examiners to keep up with the expected increase of workload.
In the past few years, developers in Greater Philadelphia have experienced a demand for office and lab space as more life sciences companies move to the region. This bill will allow developers to accommodate the needs of life sciences companies at a quicker rate. In all, this bill could have substantial impact on our region’s economy.