As part of the ULI Philadelphia Annual Real Estate Forecast 2022, a group of industry leaders gathered to learn more about the development trajectory in University City. The center of real estate development in Philadelphia is shifting west as investors are creating a new “Downtown for Innovation” proximate to some of the city’s world-class higher education institutions. The area west of the Schuylkill River is already well-known for its concentration of institutions contributing to the “Eds & Meds” industry, and the projects outlined will only solidify it as one of the leading districts in the nation for such activity.

The session included an overview of some of the significant activities currently planned or in progress for the area, followed by a hard hat tour showcasing the projects.

Philadelphia 30th Street Station District Plan

Brian Traylor, Infrastructure Planning Manager with Amtrak, presented details of planned development around the 30th Street Station. The district plan includes $2 billion in infrastructure on top of $4.5 billion in adjacent investment. Fully realized, it would create 18 million sq. ft. of new private development and 40 acres of new parks and civic spaces. It would also double the capacity of train trips from the station.

The extensive project is still in the early stages of Phase 1, which is scheduled for completion in 2033. The full extent of the project may stretch until around 2050, but incremental progress would bring notable enhancements to the accessibility and livability of the area while upgrading the quality of available space. Amtrak is partnering with Plenary Infrastructure Philadelphia on the core work for the redevelopment and renovation, which will support the work being done by other private developers in University City.

Schuylkill Yards

Steve Rush, Vice President with Brandywine Realty Trust, shared the ongoing development of Schuylkill Yards. Following the construction of Cira Centre, FMC Tower, and Evo at Cira Centre South, Brandywine is continuing to build up Schuylkill Yards in the area surrounding the 30th Street Station. The Bulletin Building was completed earlier this year, along with Drexel Square, offering a dynamic mix of lab and office space.

3025 JFK is slated for delivery at the start of 2023, providing an assortment of retail, office, and residential uses across 28 stories. That will be soon followed by the 3001 JFK office tower, just across the street and sitting at 33 stories. Further west, Brandywine is planning a 12-14 story lab/research facility at 3151 Market. Each of these projects will be an integral piece in creating the innovation environment of the area, including the incorporation of green and public space with an emphasis on the activation of event throughout the year.

uCity Square

Pete Cramer, Director of Development for Wexford Science & Technology, provided an update on uCity Square. The 8 million sq. ft. master-planned project includes 4.4 million sq. ft. already completed or under construction. Most of the existing structures make up the Market Street corridor between 34th and 38th Streets, housing.

Current development includes One uCity Square, featuring 400,000 sq. ft. of lab and office space, and the Drexel Health Sciences Building, with 450,000 sq. ft. of academic, lab, and office uses. Both properties are scheduled to deliver in Q3 of next year. Future development will bring on significant additions to the lab, research, and office inventory, including the Drexel College of Medicine.

University Place

Anthony Maher, President of University Place Associates, detailed the plans and priorities for 3.0 University Place. The project is being completed in partnership with Silverstein Properties and Cantor Fitzgerald. It focuses on a number of strategies to ensure environmental sustainability is maximized both in construction and operation.

The eight-story structure is primarily dedicated to lab and office space, with some available for manufacturing, retail, and event activation. It is slated for completion by the end of next year, at which point it will join 2.0 University Place as part of a larger campus plan. That campus will be completed by the future 4.0 and 5.0 University Place, bringing the total square footage to more than 1 million.

Derek Deitsch is a Master of City Planning student at the University of Pennsylvania, focusing on Public Private Development. He is a member of the Young Leaders Group with ULI Philadelphia and sits on the ULI Americas YLG Steering Committee. Prior to moving to Philadelphia, he was very active with the ULI Utah Chapter.