Daily News | High-end, long-term, rental apartments planned for Chinatown parking lot
For decades, Chinatown has created a blueprint for fighting big development, with the Sixers’ proposed arena as their latest target. Here’s how they do it.This isn’t just a concept for the era of remote work, Reddy says. The corporate housing industry, which rents apartments furnished for months at a time, has long catered to business executives, consultants, and traveling medical professionals.
“[Corporate housing] is more common in very expensive cities like New York or D.C. I don’t see it as much here,” said Kevin Gillen, an economist at Drexel University’s Lindy Institute for Urban Innovation. “Business travel can be prohibitively expensive if you’re staying in a hotel that long. They’re often used for executives visiting town for a project for a few months or something.”
The project does not require zoning relief, so any critics do not have a wide avenue to contest Genesis Capital’s plans. The developer is presenting to the non-binding Civic Design Review board in early March.
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