Development group to unveil project in W. Phila.

The revitalization of West Philadelphia is a long-term vision of bringing back the vibrancy of the community that has been lost in recent years. But as in any comprehensive project, progress has been made gradually, one step at a time.

Some of the steps in that direction are being taken by The Partnership Community Development Corporation -- an organization that strives to address "issues of affordable housing and economic development in West Philadelphia," according to its published materials.

The Partnership CDC has been actively working to revitalize the 40th and Market retail area. Its latest project is a recently unveiled, renovated multi-use building at 4020 Market St., which will be used for both business and residences. The organization has been involved in parallel projects as far west as 60th Street.

This is one of three such successful renovation projects that the organization has undertaken on the block. Retail development further west of 40th Street is planned for the future, but the effects of these changes on the corridor are already visible.

"The real estate values on this block have risen, which is good from the standpoint that it stabilized the block, but it's going to be hard to undertake further development in the area," Director of Economic Development Dan Jennings said.

Some estimates for the increase are as high as at least 20 percent. While the rise cannot be attributed solely to the activity of The Partnership CDC, it has played a major role, according to Jennings.

But the broader goal of the organization is the uphill battle for the preservation of affordable housing options in the West Philadelphia community.

"Market forces that drive housing prices create wealth in neighborhoods that have experienced price stagnation for years," Executive Director Blane Stoddart wrote in a newsletter. "CDCs exist to mitigate displacement and ensure that housing prices and rental services remain affordable."

The organization has been acquiring housing units across University City -- 22 in the past nine months, with plans to acquire 70 more in the next year, Stoddart said. They plan to keep the costs affordable for neighborhood residents.

Nationally, mortgage rates have reached a 35-year low, Stoddart said. And due to many revitalization efforts initiated by both the University and community organizations, the real estate values have risen at an even higher pace throughout the University City region.

"You cannot solely blame University of Pennsylvania for the real estate boom," Stoddart said. "It is a national phenomenon."

The empirical data on the issue of displacement is scarce, and most of the debate is dominated by references to anecdotal evidence. But over the past several years, most have come to agree that many longtime community residents have been forced out of the neighborhood due to rising real estate prices.

Stoddart points to three direct potential causes of displacement: real estate appreciation, real estate tax increases accompanying reassessment and rental rate increases reflecting the general trends seen in the market.

The Partnership CDC says that the community's unmatched cultural diversity has made it vibrant in the past, but this trait is threatened with extinction if the negative side effects of "gentrification" are not controlled.

Recreating the vibrancy of the community has guided The Partnership CDC's goals. Its efforts are now focused on promoting a balance that would allow for the economically inclusive prosperity of the community.

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