In 2014, DRWC undertook a closer examination of Penn’s Landing to test the concepts that the Master Plan for the Central Delaware had introduced for the site. This feasibility study (the Feasibility Study), led by Hargreaves Associates, advanced the design and engineering of the new park over Interstate 95 and Columbus Boulevard, confirming that it could be built and would provide a more seamless physical and visual connection between Old City and the Delaware River. Additionally, the Feasibility Study developed a cost estimate for the public improvements and fleshed out the development potential of the Marina Basin Site and the Market Street Site. It also produced an economic impact report which demonstrated that the investment into the new public realm infrastructure and associated private development would have a return of $1.6 billion to the City, the Commonwealth, and the Philadelphia School District.
The development scenario that the Feasibility Study depicted at the Marina Basin Site and the Market Street Site was informed by contemporaneous analysis of the market in Philadelphia, which showed that the waterfront could absorb more growth than was suggested by the Master Plan. The Feasibility Study modeled several different scenarios for development, which ranged from 1.5 million to over 3 million square feet between the two sites. Ultimately, the study recommended a scenario of approximately 1.9 million square feet, which is what is depicted in the renderings below and what was used as the basis for the economic impact report.