Philadelphia’s construction boom of new medical and life-sciences facilities continues unabated, and another milestone has been reached earlier this month. Last week, University Place 3.0, an eight-story commercial and laboratory building under construction at 4101 Market Street in University City, has officially been topped out in an event celebrated with a ceremonial beam-raising and a series of speeches by prominent figures behind the project. Designed by the Sheward Partnership and jointly developed by Silverstein Properties, Cantor Fitzgerald, and University Place Associates, University Place 3.0 will offer 250,000 square feet of state-of-the-art Class A office and lab space, which will provide a significant boost to West Philadelphia’s rapidly-growing medical services industry, as well as ground-level retail space that will liven up the pedestrian experience.
3.0 University Place at 4101-23 Market Street. Rendering credit: The Sheward Partnership
3.0 University Place at 4101-23 Market Street. Rendering credit: The Sheward Partnership
Topping-out ceremony at University Place 3.0 at 4101-23 Market Street. Credit: Helm Creative
University Place 3.0 (also known as 3.0 University Place) will offer spacious 30,000-square-foot floor plates and lofty 15- to 18-foot slab-to-slab heights. The building will house curated wet/dry lab space, including an incubation lab co-working floor operated by Ben Franklin Technology Partners, as well as a floor for prebuilt 3,000- to 10,000-square-foot “Growth Pods” with three- to five-year leases for smaller companies. Tenants will reap tax incentives as well as the benefits of working in a pre-certified LEED Platinum v4 BD+C Core and Shell building, which is also aiming for WELL v2 Platinum certification.
The development broke ground in May 2021, during one of the city’s most difficult periods in recent memory. Despite the numerous challenges, which include social distancing and supply chain interruptions, construction progressed at a rapid pace, and the speeches at the ceremony not only reflected gratitude for such indomitable endurance during a time of hardship by all parties involved, but also a steadfast confidence in the Philadelphia’s medical sciences sector as well as the neighborhood and the city as a whole.
Topping-out ceremony at University Place 3.0 at 4101-23 Market Street. Credit: Helm Creative
Topping-out ceremony at University Place 3.0 at 4101-23 Market Street. Credit: Helm Creative
Topping-out ceremony at University Place 3.0 at 4101-23 Market Street. Credit: Helm Creative
Topping-out ceremony at University Place 3.0 at 4101-23 Market Street. Credit: Helm Creative
Topping-out ceremony at University Place 3.0 at 4101-23 Market Street. Credit: Helm Creative
Topping-out ceremony at University Place 3.0 at 4101-23 Market Street. Credit: Helm Creative
Topping-out ceremony at University Place 3.0 at 4101-23 Market Street. Credit: S2S Media
Topping-out ceremony at University Place 3.0 at 4101-23 Market Street. Credit: Helm Creative
Topping-out ceremony at University Place 3.0 at 4101-23 Market Street. Credit: Helm Creative
Topping-out ceremony at University Place 3.0 at 4101-23 Market Street. Credit: S2S Media
Marty Burger, CEO of Silverstein Properties, opined that “life sciences will be crucial to the future of urban economic development, and nowhere is that more clear than here in University City,” adding that the new facility “will house some of the country’s sharpest minds as they work on life-changing solutions to the world’s public health problems” and expressed collective pride in the team for its steadfast progress on the project and for its contribution to the city’s life sciences industry.
Scott Mazo, Founder and CEO of University Place Associates, echoed a similar sentiment, adding that “3.0 University Place will be the most advanced lab and research building in the city and it’s happening in one of the fastest growing life science hubs in the US.” said Scott Mazo, Founder and CEO of UPA. “Our vision goes well beyond this one building,” Mazo continued. “UPA and our partners have plans to create a life sciences campus in University City that will offer approximately one million square feet of lab and office space centered at 41st Street and Market Street, all built in accordance with the highest standards of environmental sustainability and healthy work spaces.” For those keeping track, the million-square-foot figure cited by Mazo quadruples the square footage that Unversity Place 3.0 will provide on its own.
Topping-out ceremony at University Place 3.0 at 4101-23 Market Street. Credit: Helm Creative
Chris Milner, head of real estate investment management at Cantor Fitzgerald, shifted the focus closer to the locale where the development is rising, at the fringe of University City proper and a long-established working-class neighborhood. “When we started this project, we saw an opportunity to help bring much-needed investment into a community where this kind of development made sense and would have the greatest impact,” Milner stated. “The project, to date, has created hundreds of jobs and has the potential to create thousands more over the next decade.”
Indeed, the positive impact of University Place 3.0 on the surrounding community is quite significant. According to a study by Econsult Solutions, the multi-phase project will generate 410 construction jobs and 215 operations jobs upon completion, many of which will be sourced from the surrounding community. The development’s economic impact was estimated at $221 million during construction, representing 1,270 direct and indirect jobs. The anticipated annual economic impact will be even more significant, registering at $309 million and representing 1,340 jobs.
Topping-out ceremony at University Place 3.0 at 4101-23 Market Street. Credit: Helm Creative
Topping-out ceremony at University Place 3.0 at 4101-23 Market Street. Credit: Helm Creative
Topping-out ceremony at University Place 3.0 at 4101-23 Market Street. Credit: Helm Creative
Amen Brown, a member of the Pennsylvania House of Representatives from the 190th district, underscored this anticipated impact. “We’re excited to see 3.0 University Place rise from the corner of 41st and Market Streets,” Brown shared, “not only for the positive economic impact and new jobs this project brings to West Philadelphia, but also for the commitment UPA has shown to the community at every step of the project.”
Incidentally, two of Philadelphia YIMBY’s staff photographers happened to capture images of construction progress on the building over the course of the past month, with Jamie Meller visiting the site when the superstructure was nearing topping out, and Colin LeStourgeon following soon thereafter, when the final floors were being assembled. Below are the images illustrating the progress of University Place 3.0 as it approached its pinnacle.
3.0 University Place at 4101-23 Market Street. Photo by Jamie Meller. February 2022
3.0 University Place at 4101-23 Market Street. Photo by Jamie Meller. February 2022
3.0 University Place at 4101-23 Market Street. Photo by Jamie Meller. February 2022
3.0 University Place at 4101-23 Market Street. Photo by Jamie Meller. February 2022
3.0 University Place at 4101-23 Market Street. Photo by Jamie Meller. February 2022
3.0 University Place at 4101-23 Market Street. Photo by Jamie Meller. February 2022
3.0 University Place at 4101-23 Market Street. Photo by Jamie Meller. February 2022
3.0 University Place at 4101-23 Market Street. Photo by Jamie Meller. February 2022
Current view of 3.0 University Place. Credit: Colin LeStourgeon.
Current view of 3.0 University Place. Credit: Colin LeStourgeon.
Current view of 3.0 University Place. Credit: Colin LeStourgeon.
Current view of 3.0 University Place. Credit: Colin LeStourgeon.
Philadelphia has long served as one of the nation’s leading hubs of education and medical research, with University City as a crucible of scientific progress. University Place 3.0 is the latest addition to the booming medical sciences district, and we look forward to further progress on the project.
The building is expected to open in the fourth quarter of 2022.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Philadelphia is growing; the most we appreciate this and push for it; the better; stronger; and more prosperous Philadelphia will be for the people united shall will it so. Look at the skyline expand and with it the business.
Great take John.