The City of Philadelphia was interested in pursuing alternatives for redeveloping the former Reading Viaduct into parks and trails to provide a recreational amenity, create a pedestrian link between 10 different neighborhoods, and act as a catalyst for new development. The proposed Rail Park will include three sections: the Viaduct, an elevated section of unused rail line; the Cut, an open-air section of land running below street level from Broad to 21st Streets; and the Tunnel, a 3,000 foot long section extending under Pennsylvania Avenue with 25 foot vaulted brick ceilings and open air shafts.
RESGroup assisted in analyzing the potential value that could be created and the economic benefits the City could realize from the investment to eventually convert three miles of rail track into an urban trail park with greenspace, landscaping, and seating. Benchmarks for similar urban parks were obtained and analyzed to understand potential operating costs and to estimate leasing and other revenue streams that might be used to offset them. Revenue generating strategies, including formation of public/private partnerships with vendors and other businesses, were recommended to support the ongoing maintenance of the Rail Park. Phase 1 of the Rail Park, which runs for a ¼ mile from North Broad and Noble Streets to Callowhill Street, was completed and opened in June 2018.
