ULI PHL’s 5th Annual Willard G. “Bill” Rouse III Awards for Excellence finalists represent superior development projects in the greater Philadelphia region that embody the ULI mission of pushing the standard of excellence in real estate and land use and creating sustainable, thriving communities.
Tom Scannapieco, President and CEO of Scannapieco Development Corporation joins us for this week’s “Five Minutes with a Finalist”. Scannapieco Development Corporation has been recognized as a finalist for the for 500 Walnut. Here’s what Tom had to say:
Who has had the greatest influence on your career and what was the best advice he or she gave you?
My parents clearly had the greatest influence on my career. It was difficult for them to watch me leave a career in Physics to begin renovating properties in the Art Museum area in the 70s. It was their confidence in my ability to take on new challenges that, in retrospect, added to my confidence. Their advice was always to take things one step at a time, with full determination that I would be able to overcome obstacles. This has served me well throughout my career as a developer where obstacles are a part of every project.
What are you most excited about in the Philadelphia area and region?
Many factors combine to enable Philadelphia to benefit from the global trend towards urban living. This shift in sentiment is in its early stages, and Philadelphia is capable of becoming a major beneficiary due to the density of its Center City population, and it’s exceptional cultural and restaurant assets. Philadelphia has undergone a major transformation over the years and though there are still challenges, the major pieces are in place for Philadelphia to enter a period of exceptional prosperity.
As a ULI PHL Awards nominee, what makes you most proud of your project?
500 Walnut has achieved sales and pricing benchmarks that were previously unheard of in Philadelphia. It has substantially differentiated itself in the marketplace with pricing premiums at least 30% above other buildings. It introduces an entirely new market segment to Philadelphia which represents an exceptional opportunity for the city. The clientele that have chosen 500 Walnut are individuals who can effectuate real change by becoming active in the city’s growth and development.