Philadelphia — Drexel University and Brandywine Realty Trust (NYSE: BDN) will co-develop the Schuylkill Yards mixed-use community on a 14-acre site in Philadelphia.
The development costs weren’t disclosed, but the Philadelphia Business Journal estimates total costs will reach $3.5 billion.
Initial phases of the projected 20-year innovation development plan will consist of 5 million square feet of mixed-use real estate on a 10-acre site next to Drexel’s main campus and adjacent to Amtrak’s 30th Street Station. The master-planned neighborhood within Philadelphia’s University City submarket will feature entrepreneurial spaces, educational facilities and research laboratories, corporate offices, residential and retail spaces, hospitality, cultural venues and public open spaces.
“Drexel University and Brandywine’s shared vision for the continued renaissance of University City provides a strong foundation for a long-term partnership. Together, we will create a dynamic and world-class innovation hub to attract the brightest minds to our region,” says Gerard Sweeney, president and CEO of Brandywine Realty Trust.
“Schuylkill Yards will transform Philadelphia’s skyline as new towers rise on the west side of the Schuylkill River,” he continues. “Brandywine’s existing Cira Centre, EVO and FMC Tower at Cira Centre South projects in University City will provide a synergistic connection to Schuylkill Yards, creating an access point to Center City and strengthening the eastern edge of University City as a whole.”
University City has one of the highest concentrations of higher education and medical institutions in the nation, including the University of Pennsylvania — an Ivy League institution — and its hospitals, University of the Sciences, The Children’s Hospital of Philadelphia, University City Science Center and the Wistar Institute.