By Veronica Grecu, Associate Editor
In fall 2013 work will start on a 27-story high-end apartment building located at the northwest corner of 36th and Market Streets in Philadelphia, replacing a parking lot owned by the University City Science Center. The project is backed by the Science Center—the first and largest urban research park in the United States—in a joint venture with Baltimore-based Wexford Equities and Southern Land Company of Franklin, TN. It will be the first residential development in the Science Center’s 50-year history.
“This new project will add an entirely new dimension to the Science Center and our campus. It will help us achieve our goal of ‘activating’ our campus and creating a dynamic environment in which to live, work and play,” said Science Center President & CEO Stephen S. Tang, Ph.D., MBA. “As we celebrate our 50th anniversary in 2013, we are looking to the future—and the future of the Science Center centers on a vibrant 24/7 community.”
The 400,000-square-foot residential tower named 3601 Market was designed by local firm BLT Architects with the goal of achieving LEED Silver certification. According to an official statement issued by the University City Science Center, the project is estimated to be completed in two years.
Apart from the 364 market rate rental units—which will range from studio to two-bedroom apartments equipped with stainless steel appliances, granite countertops, washers and dryers—the building will also accommodate roughly 17,000 square feet of ground floor retail space, a green roof, a fitness center, a rooftop pool, a resident lounge and 200 parking spaces.
Established in 1963 in Philadelphia’s University City neighborhood, the University City Science Center is a provider of technology commercialization resources to businesses and programs that sustain new technology businesses. The Science Center occupies around 2,000,000 square feet along Market Street in West Philadelphia and is located near several academic and research institutions such as The Children’s Hospital of Philadelphia, The University of Pennsylvania, Drexel University and The Wistar Institute.
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Rendering of 3601 Market courtesy of the University City Science Center
Chart via Marcus & Millichap