|[January 03, 2013]
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 36th 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 34th
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 50th 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 50th 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
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