{"id":1004103593,"date":"2014-09-11T06:05:49","date_gmt":"2014-09-11T14:05:49","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=291039"},"modified":"2020-04-28T04:05:46","modified_gmt":"2020-04-28T12:05:46","slug":"drexel-launches-rfp-for-revolutionary-innovation-neighborhood-in-university-city","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/drexel-launches-rfp-for-revolutionary-innovation-neighborhood-in-university-city\/","title":{"rendered":"Drexel Launches RFP for Revolutionary Innovation Neighborhood in University City"},"content":{"rendered":"

By Veronica Grecu, Associate Editor<\/em><\/p>\n

\"Drexel<\/a><\/p>\n

Drexel Innovation Neighborhood rendering<\/p>\n<\/div>\n

As city authorities across the country try to boost business investment and encourage companies to relocate or consolidate their local footprint, a new economic development concept is taking shape. It\u2019s called \u201cinnovation district\u201d and it promotes the exact opposite idea of the Silicon Valley office park model: instead of having an isolated corporate campus located outside the city, local authorities\u2014along with universities or big employers\u2014are now looking to revitalize neglected areas within city limits and turn them into neighborhoods where professionals can live and work.<\/p>\n

Just like Boston, with its Innovation District<\/a>, Philadelphia will have its own Innovation Neighborhood spanning 10 acres of underdeveloped real estate in the University City area. Drexel University is reportedly on the lookout for a master developer to share the university\u2019s vision to create a transit-oriented community in a mix of education, research, retail, hospitality and residential spaces.<\/p>\n

Envisioned as a revolutionary \u201cLearn\/Work\/Live\/Share\u201d development, the proposed Innovation Neighborhood would be located next to Amtrak\u2019s 30th<\/sup> Street Station and at the threshold between University City and Center City, with access to the city\u2019s most important centers of activity.<\/p>\n

JLL was selected to help Drexel in its quest to identify a master developer for the multi-billion project. According to the RFP, at full build out, Drexel\u2019s Innovation Neighborhood would encompass more than 5 million square feet of mixed-use space that will be anchored by the University.<\/p>\n

\u201cInnovation Neighborhood represents an unprecedented opportunity for a private developer to obtain development rights in the mostly institutionally controlled University City,\u201d said Mark Seltzer, JLL senior vice president of Development Advisory Services, in a press statement.<\/p>\n

\"Drexel<\/a><\/p>\n

Drexel Innovation Neighborhood map<\/p>\n<\/div>\n

More specifically, Drexel\u2019s massive development project calls for national and international corporate partners seeking to attract the pool of academic and professional talent from Drexel. Furthermore, the Innovation Neighborhood will serve as a hub for start-ups by creating educational, employment and other opportunities for Philadelphia residents. The proposed neighborhood will include market-rate and student housing options in response to the needs of the surrounding neighborhoods, as well as street-level retail spaces that are expected to enliven the project\u2019s major buildings and create pedestrian corridors along JFK Boulevard and Market Street. Additionally, green spaces and streetscapes will interconnect the project\u2019s buildings creating a unique sense of mobility, while parking will be integrated in the overall plan in strategically located structures.<\/p>\n

According to the Philadelphia Business Journal<\/a><\/em>, prospective developers have until October 31 to submit their proposals. Drexel expected to narrow down the list by February next year, and a final decision\u2014which comes with a 99-year ground lease on the land\u2014is anticipated between February and April.<\/p>\n

 <\/p>\n

Click here<\/strong><\/a> for more market data on Philadelphia<\/strong>.<\/p>\n

 <\/p>\n

Renderings courtesy of Drexel University<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

As city authorities across the country try to boost business investment and encourage companies to relocate or consolidate their local footprint, a new economic development concept is taking shape. It’s called “innovation district” and it promotes the exact opposite idea of the Silicon Valley office park model: instead of having an isolated corporate campus located outside the city, local authorities—along with universities or big employers—are now looking to revitalize neglected areas within city limits and turn them into veritable neighborhoods where professionals can live and work.<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1494],"tags":[],"class_list":["post-1004103593","post","type-post","status-publish","format-standard","hentry","category-latest","category-philadelphia"],"acf":[],"yoast_head":"\nDrexel Launches RFP for Revolutionary Innovation Neighborhood in University City - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/drexel-launches-rfp-for-revolutionary-innovation-neighborhood-in-university-city\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Drexel Launches RFP for Revolutionary Innovation Neighborhood in University City\" \/>\n<meta property=\"og:description\" content=\"As city authorities across the country try to boost business investment and encourage companies to relocate or consolidate their local footprint, a new economic development concept is taking shape. 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