Science Center Announces New Residential Project for University City

PHILADELPHIA --(Business Wire)--

A new high-end residential building is coming to the University City Science Center. Construction will begin on a new 27-story apartment building on land owned by the Science Center at 3601 Market Street in Philadelphia in the fall of 2013. The project is a joint venture between Wexford Equities, the parent company of Wexford Science & Technology, and Southern Land Company. This is the first residential project in the Science Center's 50-year history.

Located at the northwest corner of 36^th and Market Streets, the 400,000 square-foot building will feature 364 studio, efficiency, and one- and two-bedroom apartments. Other building features include approximately 17,000 square feet of ground-floor retail, a fitness center, a rooftop pool, a resident lounge and 200 parking spaces. All units will include stainless steel appliances and granite countertops as well as washers and dryers.

Groundbreaking is anticipated in Fall 2013 with an expected delivery date of Spring 2015. The project is being designed by BLTa architects with the goal of receiving LEED Silver certification. The building will be topped off with a green roof.

This is the first new high-rise construction project for market-rate rental apartments in University City since Domus was constructed at 34^th and Chestnut Streets almost eight years ago.

"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," says Science Center President & CEO Stephen S. Tang, Ph.D., MBA. "As we celebrate our 50^th anniversary in 2013, we are looking to the future - and the future of the Science Center centers on a vibrant 24/7 community."

"We are very excited to continue our partnership with the Science Center with the development of 3601 Market," says James R. Berens, President, Wexford Equities, LLC. "This market-rate rental apartment project is a great opportunity to broaden the appeal of University City and Philadelphia's innovation cluster."

"This project represents an unpaalleled opportunity for high-end living in the hub of the Science Center's vibrant setting," says Tim Downey, Southern Land Company CEO. "Southern Land and Wexford's commitment to excellence in design, amenities and service will build on the long-standing dedication by the Science Center to providing a world-class innovation environment."

"This is a great new project for the Science Center, University City and the City of Philadelphia and we are excited to work with all partners involved to bring it to fruition," says Alan Greenberger, Deputy Mayor for Economic Development. "Bringing new residents to the Science Center campus will help continue the transformation of this dynamic, innovative, and exciting section of our city."

"This project marks a new and exciting phase in the Science Center's efforts to develop its campus into a thriving innovation sector," says Ed Covington, Executive Director of the Philadelphia Redevelopment Authority. "We look forward to working with the Science Center and the Wexford/Southern Land team. Adding a residential component will further enhance this section of Market Street and the surrounding neighborhood in West Philadelphia."

About The Science Center

The University City Science Center accelerates technology commercialization, regional economic development, and the market availability of life-enhancing scientific breakthroughs by bringing together innovations, scientists, entrepreneurs, funding, laboratory facilities, and business services. Established in 1963 and headquartered in Philadelphia, PA, the Science Center was the first, and remains the largest, urban research park in the United States. Graduate organizations and current residents of the University City Science Center's Port business incubators have created more than 15,000 jobs that remain in the Greater Philadelphia region today and contribute more than $9 billion to the regional economy annually. The Science Center is celebrating its 50^th anniversary in 2013. For more information: www.sciencecenter.org.

About Wexford Equities

Wexford Equities, LLC is a private real estate investment and development company that meets the growing and specialized facilities needs of for-profit and not-for-profit institutions, including universities, university- related research parks and healthcare systems. We collaborate with our client institutions to create and build Knowledge Communities, which are vibrant, mixed-use, amenity-rich environments where innovation thrives. We engage in "vision alignment" with our client institutions and have the capability and capacity to plan and execute to bring major shared strategic goals to fruition.

About Southern Land Company

Southern Land Company is a high-end mixed use development firm headquartered in Nashville, Tennessee. As a full service, vertically integrated organization with a national reach, we specialize in the fields of architecture, horticulture and design to offer greater quality control and to promote the long-term viability of each project by building for the future. Our vision is simple: deliver distinctive settings, uphold stringent standards, and enhance quality of life through diversity in architecture, design, and mix of uses. We have completed over twenty large-scale residential, commercial and mixed-use developments spanning three decades. For more information: www.southernland.com.