Next up: Four mixed-use projects that will be transformative for Philadelphia

Next up: Four mixed-use projects that will be transformative for Philadelphia

2021-06-24T17:55:35+00:00June 24th, 2021|Economy, Philadelphia, Real Estate & Construction|

Writer: Joey Garrand

2 min read June 2021 — As one of the nation’s preeminent hubs of economic activity and growth, Philadelphia is no stranger to continuous development. And while there is a great deal of construction currently underway in the city, there are a few select developments that are being positioned as transformative for both the local economy and surrounding communities. The following are four of the most significant mixed-use developments currently underway in the Greater Philadelphia region:

Schuylkill Yards

Schuylkill Yards is a $3.5 billion development by Brandywine Realty Trust, one of the largest, publicly traded, full-service, integrated real estate companies in the United States. Schuylkill Yards will consist of 14 acres of interconnected vibrant parks, lifestyle experiences, and dynamic office and life science spaces. The project is estimated to be fully completed between 2032 to 2037, according to Philadelphia Business Journal.

The most recent development at Schuylkill Yards is The West Tower, a 570,000 square-foot project that will cost approximately $287 million, delivering 326 ultra-luxury rental residences, 200,000 square feet of life science/innovative office space, 29,000 square feet of indoor/outdoor amenity space and 9,000 square feet of retail to the neighborhood. The project is estimated to be completed by Oct. 2023.

To learn more visit: https://schuylkillyards.com/ 

uCity Square

uCity Square is being developed by Wexford in partnership with the University City Science Center and Ventas. uCity Square features 3 million square feet of existing lab and office facilities, providing over 200 companies and more than 10,000 researchers, innovators and entrepreneurs a place to live, work, play, learn, and convene. An additional 5 million square feet of space is planned to be constructed in the uCity Square campus. 

Although there are no clear estimates of the total construction cost of uCity Square, four projects currently under construction at uCity Square total to 1.35M square feet and $750 million. If the ratio of cost per square foot stays consistent, the total cost of the additional 5 million square feet will total to approximately $2.75 billion.

To learn more visit: https://ucitysquare.com/ 

Navy Yard – Philadelphia

The Navy Yard is a growing community of nearly 15,000 employees and 170 employers who occupy over 7.5 million square feetopens PDF file across a mix of property types including office, retail, industrial, R&D, and institutional. In a partnership with Ensemble Real Estate Investments and Mosaic Development Partners, a $2.5 billion development plan is being pursued for the construction of 3,000 residential units and 3 million square feet of office, retail, hotel and makerspace.

The first phase of the development will include the development of two advanced life sciences buildings. By the end of 2022, Ensemble and Mosaic should have completed a 100,000 square foot speculative laboratory and office development.

To learn more visit: https://navyyard.org/ 

SORA West

SORA West is a 520,000-square-foot, multi-faceted development by Keystone Property Group. This $325 million mixed-use project includes a new global headquarters for Fortune 10 pharmaceutical distribution company AmerisourceBergen, the reuse of a 146-year-old historic firehouse, and a 12-story public and private parking garage. 

The latest and final phase of Sora West is the construction of Hotel West + Main. The 127-room boutique hotel is anticipated to open by the end of 2022. Hotel West + Main will become Conshohocken’s third hotel, with the previous hotel being built in 2001.

To learn more visit: http://keystonepropertygroup.com/property/one-conshohocken/