Will Schuylkill Yards Change Where to Invest in Philadelphia?

One of the most talked about Philadelphia real estate projects is Schuylkill Yards. The massive West Philly real estate development being undertaken by Brandywine could be transformational for the city.

The New York Times has a recent article on Schuylkill Yards, Philadelphia’s First Step to a Platform of Innovation, talking about the project.


via – www.schuylkillyards.com

The development will include 2.8 million square feet of office space, 1.6 million square feet of apartments, one million square feet of lab space and more than 100,000 square feet of retail in buildings that will combine new and refurbished construction.

Much of the land is owned by Drexel, whose main campus abuts the site. The university has leased the ground to the developer, Brandywine Realty Trust.


via – www.schuylkillyards.com

The article also goes on to look at the first-phase of construction and the start of creating the 1.3 acre Drexel Square Park. The park is just one part of the first phase of development and the Drexel University site has a great look at phase one.

The first phase of the $3.5 billion, multi-year project will enhance the public realm by creating a 1.3-acre community park at the corner of 30th and Market Streets to be known as Drexel Square, followed by the reimagination of the former Bulletin Building, and the development of two towers at 3003 JFK Boulevard and 3025 JFK Boulevard.

This first phase of development will produce 4.6 acres of entrepreneurial space, educational facilities, research laboratories, corporate offices, residential and retail spaces, hospitality venues and open public spaces.

As Jerry Sweeney, CEO of Brandywine Realty Trust is quoted as saying, “Our hope was that we could connect the city, eliminating the river as a historic dividing point…We hope Schuylkill Yards is going to move the physical perception of the city west.”

From attracting someone like Amazon to making Philadelphia the East Coast center for biotech companies, Schuylkill Yards could be the thing that propels Philadelphia to the next level.


via – www.schuylkillyards.com

The New York Times article also went on to mention: the first tenant will be Spark Therapeutics, a five-year-old gene therapy company that has adapted expertise developed at University City’s rich intellectual resources.

For Philadelphia real estate investors there will definitely be amazing opportunities created by this change to the city.