Thursday, February 4, 2021

JV to Develop $287M Mixed-Use Tower in Philadelphia

 By Ingrid Tunberg

Brandywine Realty Trust and a global institutional investor are partnering to develop a 570,000-square-foot, mixed-use tower in the University City neighborhood of Philadelphia, PA.

The tower will be the first vertical development within the $3.5 billion, 14-acre Schuylkill Yards innovation neighborhood, which is being developed by Brandywine and Drexel University.

The property, located at 3025 JFK Blvd., will cost $287 million and will deliver a mix of residential, office, life science and retail space. The tower will feature 326 luxury rental residences, 200,000 square feet of life science and innovative office space, 29,000 square feet of indoor and outdoor amenity space and 9,000 square feet of retail.

Construction on the tower is slated to commence in March 2021. The project is expected to be completed in October 2023.

“As true believers in the promise of Philadelphia, we are pleased to continue partnering with one of the world’s top real estate investors who sees the same tremendous opportunity we do,” states Jerry Sweeney, president & CEO of Brandywine Realty Trust. “This announcement furthers our expansive portfolio of outstanding joint-venture relationships and signifies our deep-seated commitment to the vision we are bringing to life at Schuylkill Yards. With this partnership, we are poised to deliver a market-leading mixed-use tower within a city that is gaining significant momentum as a world-class life science hub.”

The tower has been designed by its executive architect, HDR, alongside the Practice for Architecture and Urbanism, as well as a team of nationally recognized engineering firms.

Titled the West Tower at Schuylkill Yards, the development will incorporate health and wellness, technology and integrated work/life experiences. Featuring 29,000-square-foot flexible floorplates, the tower’s ninth floor will host a 29,000-square-foot lifestyle club, which will feature indoor and outdoor lounge spaces, conference spaces, co-working spaces, a fitness center, a terrace, a lap and recreational pool, cabanas and grilling stations.

The tower’s residential component is being developed in partnership with the Gotham Organization. The property’s residences will range in size from studios to duplex three-bedroom units. The units will feature flexible layouts and an array of amenities.

“The addition of this highly-anticipated tower is a pivotal moment for both Philadelphia and University City, bringing Schuylkill Yards one step closer to realizing Drexel and Brandywine’s vision of a world-class setting for work and living, learning and innovation, socializing and making meaningful community connections,” says John Fry, president of Drexel University.

The West Tower at Schuylkill Yards will eventually be joined by the neighboring East Tower. The two properties will be linked together by a pocket park, titled the Highline Park.

The project serves as Gotham Organization’s first Philadelphia-based development.

“We are excited to have been chosen by Brandywine to develop our first luxury residential building in Philadelphia,” states David Picket, CEO of Gotham Organization. “We have been enamored by the growth and diversification of the residential marketplace and fascinated by the new neighborhoods popping up all over the City. Philadelphia is a city on the rise and deserving of what we believe will be a unique and inspiring living experience at the West Tower at Schuylkill Yards.”

For the project, Brandywine has additionally partnered with the community development corporation, Mount Vernon Manor, as part of its larger $16.4 million neighborhood engagement initiative for the Schuylkill Yards neighborhood. The initiative aims to prioritize apprenticeship training, local sourcing, capacity building, business development and more.

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