What's going on with the I-95 CAP?

What’s the I‑95 Cap?

The Park at Penn’s Landing, also known as the I‑95 Cap Project, is a transformative initiative to “cap” the highway and Columbus Boulevard between Chestnut and Walnut Streets. This 11–12-acre green roadway cover will reconnect Old City and Society Hill with the Delaware River waterfront through parks, pedestrian bridges, and public amenities.

Construction began in early 2023. As of spring 2025, core work—including foundation, steel beams, and bridge connections—is underway. The project has a budget of approximately $329 million, funded by a combination of federal, state, city, and private partners.

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This ambitious project aims to restore public access cut off since the highway's construction in the 1970s, while adding much-needed green space and encouraging nearby private development.

The park will include open lawns for festivals, kids' play areas, a water feature, gardens, and the relocated RiverRink. A 13,500-square-foot carbon-neutral pavilion will serve as a central hub with a breezeway, café, and public restrooms. A new pedestrian bridge over Columbus Boulevard at South Street will also improve walkability to the riverfront. With nearly $329 million invested, the project represents the state’s boldest effort yet to turn a major highway into a space that brings communities back together.

Opportunities for Real Estate Investors:

Homes in Old City, Society Hill, and waterfront zones have already seen 7–10% appreciation over the past 2–3 years. Continued development around the I‑95 Cap signals another 5–15% rise over the next 5–7 years. Enhanced walkability, aesthetics, and amenity access typically drive demand—and justify price increases.

Property Value Growth

New Luxury & Mixed-Use Projects

Developers are actively planning upscale residential and mixed-use buildings along and near the corridor.
Major inland developments, like Waterfront Square and Liberty on the River, complement the Cap’s appeal
The $2.2 billion redevelopment led by Durst includes 2,300+ units, hotel, retail, and public spaces—clearly tied to the cap park’s timeline planetizen.com.

Investor Strategies to Consider
- Buy-and-Hold Rentals: Target emerging neighborhoods like Old City, offering long-term returns with rising rents.
- Fix-and-Flip: Purchase under-market rowhomes or condos near future Cap access points, renovate, and sell post-completion.
- New Construction: Partner with developers or invest in pre-construction projects near the Cap for upside as infrastructure completes.
- Commercial Leases: Waterfront retail, cafés, or office spaces will likely thrive once the park opens.
Neighborhoods Set for a Boost

Old City & Society Hill: Historically cut off by I‑95, these will gain unmatched connectivity and foot traffic.
Waterfront Corridors: Expected increases in condo development and retail activity.

South Street Corridor: Enhanced by the new pedestrian bridge, spurring mixed-use growth and business demand.

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