A great time to invest in the up and coming area of Greater Reading

Private developers are taking a closer look at Greater Reading these days. And what's not to love. NBC's Today Show recently rated Greater Reading as one of four up and coming areas in the United States, and several other national publications have ranked Reading one of the most affordable places to live in the country. Strategically located only two hours from NYC, one hour from Philadelphia, and two hours from the Baltimore-Washington, D.C. corridor, Greater Reading boasts an incredible quality of life, low cost of living, and office and industrial property rates that are 20-40% less than these nearby metro areas. It's no wonder that developers are very bullish about the potential return on investment of projects in Greater Reading. With a population exceeding 400,000, five local colleges and universities, four minor league sports teams, an active arts and culture community, and community leadership that is committed to quality development, Greater Reading is undergoing a major renaissance. The Penn Corridor is quickly emerging as the region's hub for an arts and entertainment district. The Corridor, which stretches more than two miles along Penn Street/Penn Avenue, encompasses numerous retail shops and boutiques, over three dozen restaurants and cafes, entertainment venues, the Schuylkill River waterfront, plus many sites located just off the main route. Winding its way through downtown Reading, West Reading and Wyomissing, The Corridor includes venues such as The GoggleWorks Center for the Arts, IMAX Theatre, Sovereign Performing Arts Center, the 8,000-seat Sovereign Center, Miller Center for the Arts, Reading Public Museum and Planetarium, VF Outlet Village, The Works, and the Wyomissing Square development which is currently under construction. A joint venture between Brickstone Realty, The Bozzuto Group, Rock Creek Resorts, and New Boston Fund, Inc., the Wyomissing Square project is a $75 million mixed-use development that will be comprised of 248 elegant apartments and townhomes, over 32,000 s/f of upscale retail, and a flagship Marriott Courtyard Hotel. The project also includes existing local attraction Viva Good Life Bistro and Lounge and office space. In addition, a proposed upscale hotel and convention center in downtown Reading, across from the Sovereign Center, is still in the works. Giannasca Development Group LLC, a national design and development firm based in New York and Maryland, recently announced its plans for "RiverView," a billion dollar mixed-use project on 32 acres along Reading's Schuylkill River waterfront. The project consists of 2,000 residential units, 300,000 s/f of office space, and approximately 150,000 s/f of retail space. Plans also call for a public park, amphitheater, riverfront walking promenade, trails, tennis courts, and parking. Giannasca recently opened new offices in Reading. With a rich history and amazing architecture, there is a proactive movement among civic leaders to transform the downtown industrial/warehouse buildings into restaurants, lofts and retail stores. Greater Reading's beautiful riverfront, established arts and sports scene, low cost of doing business, and supportive local leaders, make it a great time to invest in Greater Reading! Jon Scott is the president and CEO of Berks Economic Partnership, Reading, Penn.