According to an economic impact report commissioned by the Delaware River Waterfront Corporation, private developers invested nearly $1 billion into Delaware River waterfront over the last decade.

Another economic impact study by Econsult Solutions forecasts another $10 billion will be invested by the private sector in the next decade, writes Kristen Mosbrucker-Garza for WHYY.

Most of the private investments went toward mixed-use and residential developments.

Public infrastructure money to build parks and trails along the riverfront is meant to spur private investment and keep the river accessible to the public.

There was about $100 million in public funds spent between 2014 and 2024, and another $500 million in public money is expected to be spent by 2034.

Unlike some waterfronts, much of the land along the Delaware River is privately held so the DRWC had to purchase property first and improve the site.

“As a catalyst for private development to come along to get this truly Philadelphia waterfront that is world-class and a new neighborhood for the city,” said Joe Forkin, president and CEO of the DRWC.

There has been more than 1,200 new residential permits for projects under construction along the Delaware Riverfront in the past decade compared to dozens of new commercial building permits.

Read more about Delaware River Waterfront and the various projects underway in WHYY.

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