PHILADELPHIA | uCity Square Future Phases | 4 towers | 17, 17, 16, & 15 FLOORS

[jsbrook]

Originally Posted by DudeGuy

This may already be the general consensus, but I really think this project is going to transform the whole area directly north of it (Mantua, Powelton Village).

If I had the means I'd definitely buy a house up there - the connectivity to 30th Street Station and Center City via the trolley is a huge plus.

I agree. I need to stay more liquid at the moment, but if I was willing to tie up cash, I'd look to invest in this area. Mantua especially. The real estate in Powelton Village is already kind of pricey (though still room to appreciate through area development). Mantua should go up A LOT in the coming years. It's not only this project, either. There are projects West of this (Platinum Corridor), and a lot of development happening Southwest of this as well. West Philly is going to completely transform over the next decade or two.

[Aaamazarite]

Originally Posted by jsbrook

I agree. I need to stay more liquid at the moment, but if I was willing to tie up cash, I'd look to invest in this area. Mantua especially. The real estate in Powelton Village is already kind of pricey (though still room to appreciate through area development). Mantua should go up A LOT in the coming years. It's not only this project, either. There are projects West of this (Platinum Corridor), and a lot of development happening Southwest of this as well. West Philly is going to completely transform over the next decade or two.

West Powelton is rising in price but still very affordable and with great housing stock in numerous varieties.

[jsbrook]

Originally Posted by Aaamazarite

West Powelton is rising in price but still very affordable and with great housing stock in numerous varieties.

I agree, mostly between 40th and 44th street. East of 40th starts to get pricey. Of course, it's all relative and depends on personal financials. But it would be pricey for me right now to buy investment properties east of 40th.

[PhilliesPhan]

Originally Posted by DudeGuy

This may already be the general consensus, but I really think this project is going to transform the whole area directly north of it (Mantua, Powelton Village).

If I had the means I'd definitely buy a house up there - the connectivity to 30th Street Station and Center City via the trolley is a huge plus.

Don't forget about Belmont! I believe that Belmont will especially be desirable due to the 10 trolley, a retail corridor that exists along Lancaster Ave, and the greater availability of vacant land, more so than Mantua or West Powelton. It'll be much easier to build new modern homes in that neighborhood!

Once uCity Square is fully realized, I think that everything up to Belmont Ave/44th Street is fair game for development. East Parkside is already showing signs of rebirth through the numerous conversions that have been occurring near Fairmount Park. The neighborhoods south of Market have been flourishing recently (I can personally attest to this as a resident of Cedar Park), but it will be super interesting to see what may happen north of Market in the coming years!

[mcgrath618]

The "Powel Elementary & Science Leadership Academy Middle School at Drexel University" has been submitted to CDR, which is I guess a very early Phase of this project. Some renderings include the rest of the towers:

[summersm343]

Maybe 5 towers now? Aside from the new Drexel Academic building. Plus the new school, the 5-6 floor apartment building, and another 10 floor building? Not bad!

[summersm343]

Found these on LoopNet:







https://www.loopnet.com/Listing/50-N...ia-PA/4418669/

[Jawnadelphia]

Doesn't look much different to me than from last time I walked by six months or so ago, but plenty of work is going on.







Nice looking building next to the construction site looks like it's nearly completed. Guessing apartments here.

[Boku]

Ventas Announces $0.8 Billion in New University-Based Research & Innovation Developments

https://www.businesswire.com/news/ho...Based-Research

Ventas, Inc. (NYSE: VTR) announced today four new developments totaling approximately $0.8 billion in its university-based Research & Innovation (“R&I”) business, all in partnership with Wexford Science & Technology, LLC (“Wexford”), the leading developer of university-focused real estate solutions. These investments are part of the near-term $1.5 billion R&I pipeline (the “Pipeline”) of expected new projects previously announced by Ventas.

These outstanding developments with leading institutions include: 1) creation of a research, academic medicine and innovation hub anchored by a new relationship with University of Pittsburgh to house ground-breaking immunotherapy research in collaboration with the University of Pittsburgh Medical Center (“UPMC”) and co-located with UPMC’s Shadyside Hospital; 2) a new development that expands the flourishing Philadelphia uCity Square Knowledge Community associated with the University of Pennsylvania; 3) also in uCity Square, a state of the art College of Nursing and Health Professionals for Drexel University; and 4) expansion of the vibrant Cortex Innovation Community associated with Washington University in St. Louis. The projects are 40 percent pre-leased and are expected to generate over a 7 percent cash yield, and over an 8 percent GAAP yield, upon stabilization.

[snip]

Philadelphia - One uCity Square and the College of Nursing and Health Professions, Drexel University: These two projects will total $400 million and will add 650,000 square feet to the thriving Philadelphia University City (“uCity”) submarket, a leading research, academic, medical, life science and innovation market where Ventas currently owns four fully leased buildings. Pre-leasing is currently at 40 percent.

The College of Nursing and Health Professions, Drexel University, totaling 260,000 square feet, is a state-of-the-art build-to-suit development that has been approved to be pre-leased to Drexel University’s College of Nursing and Health Professionals (“CNHP”). It is designed to include academic and research space. Drexel is moving CNHP to uCity to enable it to consolidate its academic and research programs, improve collaboration between CNHP and Drexel’s other colleges and schools, and provide its CNHP students, faculty and staff with immediate access to Drexel’s full suite of on campus resources. Ventas expects the College of Nursing and Health Professions, Drexel University, to open in 2022.

One uCity Square, totaling 390,000 square feet, is the next phase of the Knowledge Community at uCity Square. It follows Ventas’s success, in partnership with The Science Center, a Philadelphia-based nucleus for innovation, entrepreneurship and technology commercialization, in the recently completed 3675 Market Street. Ventas’s four buildings in the thriving uCity sub-market are nearly 100 percent leased, and the new project is designed to capture momentum and fill robust leasing demand in the exciting uCity submarket. It is expected to open in early 2022.

[jsbrook]

^great news! $.8 billion...In other words, $800 million. Odd way to write it.

[City Wide]

So, are we talking about 2 new buildings? Drexel's school of nursing and 1uCity Square?

Nice-------I wish they'd consider building something alittle different there from their usual 9-12 story design; a 20 story tower would be a good change, but I'm sure that adds Big costs, and as long as they have piles of empty land, not going to happen.

[mcgrath618]

Originally Posted by City Wide

So, are we talking about 2 new buildings? Drexel's school of nursing and 1uCity Square?

Nice-------I wish they'd consider building something alittle different there from their usual 9-12 story design; a 20 story tower would be a good change, but I'm sure that adds Big costs, and as long as they have piles of empty land, not going to happen.

Pretty sure 1uCity is the tallest at 19 floors but I could be wrong.

Great news though!

[ScreamShatter]

So impressed by this entire project; it might be the the most consequential development we've had in the city's history.

[christof]

Is it time for a separate thread for One uCity Square?

[mcgrath618]

Originally Posted by christof

Is it time for a separate thread for One uCity Square?

We need an honest of god rendering for the actual building before I can start a thread. The general renderings of the whole project don't count.

[Londonee]

Originally Posted by ScreamShatter

So impressed by this entire project; it might be the the most consequential development we've had in the city's history.

For who? I've lived in Center City for over a decade and can count on one finger the number of times i've been within 2 blocks of this entire development. This will be nice research space, good infill, but not much more.

I'm excited for this development, but just questioning your hyperbole.

[mcgrath618]

Originally Posted by Londonee

For who? I've lived in Center City for over a decade and can count on one finger the number of times i've been within 2 blocks of this entire development. This will be nice research space, good infill, but not much more.

I'm excited for this development, but just questioning your hyperbole.

If anything, it'll definitely give you a reason to go back to that block again.

I would argue that this and Schuylkill Yards will put Philadelphia a step closer to being on the scale of something like Chicago in terms of cityscape and walkability/utter massiveness.

[Londonee]

Originally Posted by mcgrath618

If anything, it'll definitely give you a reason to go back to that block again.

I would argue that this and Schuylkill Yards will put Philadelphia a step closer to being on the scale of something like Chicago in terms of cityscape and walkability/utter massiveness.

Sell me on this. Not sure how bland, modern lab space is really that game changing for your average PHL'er. I think all of the West Market - Science Center developments west of 36th are invariably good for the city/tax base, but the personal experience is sterile and bland and replicated at newer cities across the country on a much larger scale. Plus, UCity's scale is more low-rise and in keeping with what we've seen built here over the last decade.

[mcgrath618]

Originally Posted by Londonee

Sell me on this. Not sure how bland, modern lab space is really that game changing for your average PHL'er. I think all of the West Market - Science Center developments west of 36th are invariably good for the city/tax base, but the personal experience is sterile and bland and replicated at newer cities across the country on a much larger scale. Plus, UCity's scale is more low-rise and in keeping with what we've seen built here over the last decade.

Well obviously this development is a lot more than just a bunch of bland labs. IIRC it includes a new dorm/dining hall for Drexel in the Northwestern corner of the plot, a hotel, and office space (not to mention apartments). I agree that what is on Market is bland and I wish they'd spice up the buildings a bit but hey, I'll take what I can get as far as density and development along West Market is concerned. Also, I'm 100% sure one of these buildings is inevitably going to have ground floor retail.

This project is a lot bigger than just a few labs, and it's going to have a profound effect that ripples up both Market St. and Lancaster Ave. I wouldn't be surprised to see a midrise apartment building built somewhere west of 38th within the next ten years.

[summersm343]

I would say it's time to create a new thread for One uCity Square. It seems like this is the rendering/design they're going with.





Also, check out the leasing brochure; it's claiming at Q4 2019 groundbreaking:

https://ucitysquare.com/wp-content/u...chure-5.16.pdf

Website:
https://ucitysquare.com/where/#properties