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

[jmj]

nice renders but is anything actually happening out there? Has the new street been constructed?

[Boku]

Science Center debuts its latest building

https://www.bizjournals.com/philadel...-building.html

If the Science Center has a problem, it may be that it can’t develop new buildings fast enough to meet growing demand for its space.

That’s not a bad problem to have, but it’s one the Science Center faces as it completes the development of 3675 Market St., a 14-story, 344,000-square-foot building on its UCity Square campus in University City. The building officially opens Nov. 9 and is already nearly fully leased.

“We’re where we were with 3711 when it opened,” said Joseph Reagan Jr., senior vice president Wexford Science & Technology, the developer of UCity Square and 3675 Market.

The last building Wexford completed for the Science Center was 3711 Market St., an $80 million, 155,000-square-foot structure it leased up even though it was during the height of the recession. It underscored how much demand was there and prompted the developer to move ahead with another building.

At its latest development, 3675 Market has 250,000 square feet of signed leases and a lot of tenant interest for the rest of the space, said Paul Garvey, a broker with Cushman & Wakefield who oversees the leasing of the buildings at UCity Square.

“The reception has been phenomenal,” Garvey said. “We have proposals out there for more space than we have. I don’t think we could put up the next building too soon.”

Rents on UCity Square have been some of the highest in the city and 3675 Market is no different. They have been in the $40s a square foot range.

The next building for UCity Square will be One City Square and take about two years to get out of the ground, Reagan said. That building is in the process of being designed and permits still need to be completed before One City Square moves forward but the site is ready for development. The building would be between 350,000 and 400,000 square feet.

[summersm343]

Incredible! Looking forward to the next one.

[mcgrath618]

I've seen extensive plans for the new 37th st. Don't know if I can post them here but it should open up the area very nicely.

[iheartphilly]

Originally Posted by mcgrath618

I've seen extensive plans for the new 37th st. Don't know if I can post them here but it should open up the area very nicely.

Is this the one? 4 winter gardens seems interesting.

https://ucitysquare.com/property/one-ucity-square/

Keystone Opportunity Zone and Keystone Innovation Zone with the benefits below:


City of Philadelphia Tax Abatements

Philadelphia Business Income & Receipts Tax (BRIT)
Philadelphia Net Profits Tax
Philadelphia Sales & Use Tax
Philadelphia Real Property Tax
Philadelphia Use & Occupancy Tax

Pennsylvania State Tax Abatements

PA Corporate Net Income Tax
PA Personal Income Tax
PA Capital Stock/Foreign Franchise Tax
PA Insurance Gross Premiums Tax
PA Bank Shares Tax
PA Mutual Thrift Institutions Tax
PA Sales & Use Tax (purchases consumed and used by business in the Zone)

City of Philadelphia Tax Credits

Philadelphia Job Creation Tax Credit
Philadelphia Sustainable Business Tax Credit

Pennsylvania State Tax Credits

Keystone Innovation Zone
PA R&D Tax Credit

[phishtown]

I'm not sure if this was posted, but I found this fun panoramic render of uCity Square https://vr.yulio.com/yoRVSCB8cv

[Urbanthusiat]

Originally Posted by phishtown

I'm not sure if this was posted, but I found this fun panoramic render of uCity Square https://vr.yulio.com/yoRVSCB8cv

Wow, that's very cool!

[City Wide]

Originally Posted by phishtown

I'm not sure if this was posted, but I found this fun panoramic render of uCity Square https://vr.yulio.com/yoRVSCB8cv

Also back on page 1 there are some drawings that are interesting.

Any one have any idea where this 1Univ Sq. is going to be placed? Market St. is built out east of 38th.

[Urbanthusiat]

Originally Posted by City Wide

Also back on page 1 there are some drawings that are interesting.

Any one have any idea where this 1Univ Sq. is going to be placed? Market St. is built out east of 38th.

It's labeled on this map here: https://ucitysquare.com/wp-content/t.../site-plan.pdf

[City Wide]

Originally Posted by Urbanthusiat

It's labeled on this map here: https://ucitysquare.com/wp-content/t.../site-plan.pdf

thanks. I'm surprised they would want to build a new building so far away from their existing buildings. If there's a slow down this building might be stuck out there by itself for quite awhile.

[mcgrath618]

Talked to an insider on the project and found out some important pieces of info:
1. The street(s?) are expected to be walkable by the summer.
2. There will be a six story building with ground level retail and apartments. Likely will be the first building completed due to its small size. No word on shovels in ground.
3. There will likely be a K-8 school as part of the project.

[Groundhog]

Originally Posted by mcgrath618

Talked to an insider on the project and found out some important pieces of info:
1. The street(s?) are expected to be walkable by the summer.
2. There will be a six story building with ground level retail and apartments. Likely will be the first building completed due to its small size. No word on shovels in ground.
3. There will likely be a K-8 school as part of the project.

Thanks for the update.

I know there was talk about part of this being turned into a park while waiting for most of the lots to be built, is that still happening?

Sounds like 3700 Lancaster (https://ucitysquare.com/property/3700-lancaster-ave/). If that's what's being built next, between this and Lancaster Mews, that avenue is going to get a huge injection of life in the next few years.

Also, guessing the school will be tied to Drexel ala Penn Alexander with Penn.

[McBane]

Originally Posted by Groundhog

Also, guessing the school will be tied to Drexel ala Penn Alexander with Penn.

If true, this would be HUGE. People pay quite the premium to live within the Penn-Alex catchment. No doubt, such a school would attract buyers priced out that area and would speed along the gentrification of Mantua big time. This is definitely something to keep an eye on.

[iheartphilly]

^
Is the above any part of this, so called Platinum Corridor? Or are they different developments all together?

https://www.bizjournals.com/philadel..._news_headline

[Urbanthusiat]

Originally Posted by iheartphilly

^
Is the above any part of this, so called Platinum Corridor? Or are they different developments all together?

https://www.bizjournals.com/philadel..._news_headline

Completely different. University Place is trying to offer an alternative to the Science Center in the area, but I frankly don't think the market is there yet.

[Aaamazarite]

Originally Posted by McBane

If true, this would be HUGE. People pay quite the premium to live within the Penn-Alex catchment. No doubt, such a school would attract buyers priced out that area and would speed along the gentrification of Mantua big time. This is definitely something to keep an eye on.

I'm told Science Leadership Academy is the school planned for UCity Square. Its a school district school partnered with Franklin Institute that currently operates out of 3 different buildings.

[iheartphilly]

Originally Posted by Urbanthusiat

Completely different. University Place is trying to offer an alternative to the Science Center in the area, but I frankly don't think the market is there yet.

I thought they were different, but needed confirmation. Ok, cool! Thanks.

[phishtown]

Originally Posted by Aaamazarite

I'm told Science Leadership Academy is the school planned for UCity Square. Its a school district school partnered with Franklin Institute that currently operates out of 3 different buildings.

Yeah SLA Middle School also partners with Drexel, so they were partially right.

[Aaamazarite]

Originally Posted by Urbanthusiat

Completely different. University Place is trying to offer an alternative to the Science Center in the area, but I frankly don't think the market is there yet.

University Place 3.0 is half leased, I'm told that they may be able to start construction within a few months (we've heard this before about this project). Here's the latest rendering:

[McBane]

Sharp looking building!