If you’ve been on west Market Street recently, you’ve probably noticed the new modern building that has been under construction at the corner of 41st and Market Streets.
The new building is called University Place 3.0. The 8-story, 250,000 square foot structure includes 25,000 square feet of retail space on the first floor and roughly 200,000 square feet of lab, office, and manufacturing space on floors 2 through 8. According to the project’s website, Fulton Bank and an urgent care company have already reserved 2 of the retail spaces.
What was once a surface parking lot will soon be home to a bunch of new innovative businesses and street facing retailers. Last time we checked in on the site, it was just a hole in the ground, but it looks like the project is now nearing completion.
The building includes an outdoor live / work space on the third floor that will be used for events, presentations, meetings, and community gatherings. The project is seeking both WELL V2 and LEED Platinum certifications.
It’s great to see a surface parking lot turned into a hub for innovation. University Place 3.0 is going to attract industry leading companies to Philadelphia and University City and give them a space to grow and flourish. Philadelphia is quickly becoming one of the leading cities in the world for life sciences and gene therapy and University Place 3.0 being built at 41st and Market is another sign of this trend.
What do you think about this project, its design, and its potential impact on University City?
Kyle is a commercial real estate agent at Rittenhouse Realty Advisors, a homeowner, and a real estate investor in Philadelphia. Kyle uses his extensive Philadelphia real estate market knowledge to help his clients buy and sell multifamily investment properties, development opportunities, and industrial sites.
Email Kyle@RittenhouseRealty.com if you are looking to buy or sell a property