PHILADELPHIA | Highrise Development Thread IX

[summersm343]

Drexel outlines ambitious plans to build business-residential enclave

The 125-year-old school is teaming with developer Brandywine Realty Trust to transform an expanse of parking lots and industrial buildings between its campus and 30th Street Station into a dense new urban enclave to be called Schuylkill Yards.

The expansion is meant to accommodate a student body that has grown from fewer than 7,000 in the mid-1990s to about 26,000 today, while attracting tech firms, biomed labs, and forward-thinking start-ups to the area, Fry said in an interview before Wednesday afternoon's formal announcement of the project.

The development is the latest - and perhaps most prominent - major project in a burst of real estate activity in and around Philadelphia's University City district of educational, medical and research institutions.

Brandywine has already made a big mark on the area with projects that include the Cira Centre office tower, the redevelopment of the former 30th Street Main Post Office building, and the now-under-construction FMC Tower.

The Radnor-based company will oversee a team for Schuylkill Yards that includes residential developer Gotham Organization Inc. of New York and life-sciences specialists Longfellow Real Estate Partners of Boston. It will be the first project in Philadelphia for both firms.

Brandywine's deal with Drexel gives the developer a long-term lease for the property, and grants the university first dibs on space in Schuylkill Yards' new and redeveloped buildings - along with favorable leasing terms - for classrooms, offices and labs.

Other financial terms of the partnership were not disclosed. The development will cost "well over a couple billion dollars" and will generate more than 10,000 construction jobs and about 15,000 permanent jobs, said Sweeney, who was unable to provide more specific figures.

The project is being built in an area designated as a Keystone Opportunity Zone, which gives companies with offices there breaks on some city and state taxes in return for creating jobs or making large investments.

The first phase of the project is expected to take 15 to 20 years, during which development will be concentrated within a 10-acre site bounded by 30th, Market and 32nd Streets and the rail yards north of Drexel's campus.


The partners aim to break ground before the end of this year on a 1.3-acre park, which will displace a parking lot between 30th Street Station and the former offices of The Bulletin. Next comes renovation of that 1950s newspaper building itself, since redubbed One Drexel Plaza, with a new sieve-like facade.

Drexel and Brandywine hope to break ground on the development's first new construction project, a tower to house labs and offices at the northeast corner of 31st Street and John F. Kennedy Boulevard, by early 2018. Later work during the first development phase calls for a mixed-use skyscraper west of the former newspaper building, which Sweeney said could rise as high as 950 feet, towering over the 730-foot tall FMC Tower.


In later decades, work will shift to a 4-acre area bounded by Market, 30th, Chestnut and 31st Streets, where two more towers are planned.

Drexel and Brandywine also are working with Amtrak and others on a $5.25 million planning study to partially cap 30th Street Station's 175-acre rail yard to the north. The street grid established by Schuylkill Yards could continue over the tracks, Sweeney said.

"University City is a hundred-year project in the making, from 1934 when they built the post office building and the train station," Sweeney said. "The plan was to make this a vibrant part of the city and to connect the city. We're just fulfilling that vision."

Read more at http://www.philly.com/philly/business/20...massive_project.html#Zs2OZFUILXb9GvDo.99

[christof]

Originally Posted by gjrip

It's still in all of the renderings. I don't think they're planning to try to remove it.

EDIT: THE GALLERY IS LIVE. Just 5 photos as expected.

Look at the map. It has a building being put in its place (along JFK blvd) and they have green space below Market on it.

[summersm343]

Originally Posted by DrachenFire

Projected total build out of about 20 years.
http://drexel.edu/now/archive/2016/March/Drexel-Announces-Master-Developer/

Which means 1 tower every 2-3 years... which means once one tower is finishing up, another will be getting ready to start... which means this area will be a constant construction zone over the next 20 years.

[summersm343]

Originally Posted by christof

Look at the map. It has a building being put in its place (along JFK blvd) and they have green space below Market on it.

No, I think you're confused. The line is still there... all of the buildings are built next to it. The green space is planned to be built UNDER it. You can see the outline of the highline in the map. The building they show is probably just some lowrise building they'll build under the tracks.

[miesian]

Originally Posted by Larry King

Shop is a really great firm, first time I've seen them work on something here

SHoP is into gold (!) details lately....gold-tone...I see gold in them there renderings.

[christof]

Originally Posted by summersm343

No, I think you're confused. The line is still there... all of the buildings are built next to it. The green space is planned to be built UNDER it. You can see the outline of the highline in the map. The building they show is probably just some lowrise building they'll build under the tracks.

Look directly left from the Bulletin Building. That is a new bldg right where the tracks are.

[iheartphilly]

Originally Posted by DrachenFire

Projected total build out of about 20 years.
http://drexel.edu/now/archive/2016/March/Drexel-Announces-Master-Developer/

Geez, I'll be an old man by then. Brandywine and Drexel need to throw out "feelers" nationwide and globally to attract businesses no matter how small or large to fill up these glorious looking buildings. I'm sure the total cost of this project is in the few billions of dollars. My preference is to build the tallest first, follow by the next tallest, so on and so forth.

[summersm343]

Originally Posted by christof

Look directly left to the Bulletin Building. That is a new bldg right where the tracks are.

Yep, I see that. But there is nothing saying it's a highrise. None of the renderings show a highrise there. It could easily be a one or two story building built under the tracks.

The highline is even still visible in the renderings... look here:

http://static1.squarespace.com/static/54...4_Drexel_JFK_and_Square.jpg?format=1500w

[boxbot]

Originally Posted by summersm343

Drexel and Brandywine hope to break ground on the development's first new construction project, a tower to house labs and offices at the northeast corner of 31st Street and John F. Kennedy Boulevard, by early 2018. Later work during the first development phase calls for a mixed-use skyscraper west of the former newspaper building, which Sweeney said could rise as high as 950 feet

How crazy is it that the announcement of a possible 950 footer is a bit of a letdown after those renders.

[summersm343]

Originally Posted by boxbot

How crazy is it that the announcement of a possible 950 footer is a bit of a letdown after those renders.

I think the possible height of each tower is going to range and depend on tenants they get. The renderings show a tower much taller than 950 feet. It's easily 1200 feet tall. I think it could be a range for each tower:

Tower 1: 900-1200 feet
Tower 2: 650-750 feet
Tower 3: 450-550 feet
Tower 4: 350-450 feet
Tower 5: 350-450 feet
Tower 6: 300-400 feet
Tower 7: 300-400 feet
Tower 8: 300-400 feet

[christof]

Originally Posted by summersm343

Yep, I see that. But there is nothing saying it's a highrise. None of the renderings show a highrise there. It could easily be a one or two story building built under the tracks.

The highline is even still visible in the renderings... look here:

http://static1.squarespace.com/static/54...4_Drexel_JFK_and_Square.jpg?format=1500w

I see that as well. I do know that Fry wants to get control of the highline for a park. So I am on what is planned with it.

[el don]

From the Seeds of Drexel Innovation, Announcing Schuylkill Yards

Drexel University Partners with Brandywine Realty Trust on Innovation Neighborhood

Dear Colleagues:
I am immensely pleased to announce that Drexel has selected Brandywine Realty Trust as the master developer for our "innovation neighborhood," and that this once-in-a-generation project will be known as Schuylkill Yards.
I believe that Schuylkill Yards will catalyze the nation's next great innovation district, one which has two unique assets: a major transportation center, and a federal Promise Zone designation to foster an inclusive and diverse environment. Jerry Sweeney and his outstanding Brandywine team share our vision for this location, the most exciting urban development opportunity in the nation.
The chance to build at this scale, with intention and foresight – and at the focal point of the nation's transportation system and Philadelphia's business and academic centers – is unprecedented. It brings incredible opportunities for the next 20 years, as well as significant responsibilities. As Senior Vice President Keith Orris led the search for a master developer, it became clear that a project this important to Philadelphia called for a partner with national scope and local passion. Brandywine Realty Trust was the clear choice.
Schuylkill Yards will take shape on 14 acres between the eastern part of Drexel's campus at 32nd Street and Amtrak's 30th Street Station, on land predominantly owned by Drexel. Initial phases of the development plan will feature up to 5 million square feet of entrepreneurial spaces, teaching and research facilities, corporate offices, residential and retail development and hospitality and cultural venues. Tying it all together is a plan for beautiful public spaces and green connections to the rest of University City, anchored by a 1.3-acre park across from the train station called Drexel Square. Schuylkill Yards will become the new gateway to our campus, University City and West Philadelphia.
Schuylkill Yards will greatly improve Drexel's ability to carry out our mission and achieve our academic goals over the long term. By attracting start-up innovation-driven businesses, the project will set the stage for reimagined academic programs, foster new experiential learning opportunities and enable the pursuit of translational research with commercial potential. New public spaces and amenities will enhance the experience of our students, faculty, professional staff, alumni and neighbors. And Schuylkill Yards will help us fulfill our responsibility as an anchor institution to spark sustainable economic growth for the region.
Drexel and Brandywine are committed to economic inclusion in this undertaking, with specific pathways for residents of adjacent neighborhoods to share in the employment and business development opportunities that are created. Schuylkill Yards will be developed in the spirit of Drexel's commitment to be the most civically engaged university in the nation.
The conditions making this venture possible were established over a very long period of time by many outstanding leaders. Through their academic endeavors, our faculty and students have inspired this vision. Our Board of Trustees, led by Chairman Rich Greenawalt, is committed to furthering Drexel's academic excellence and competitive position. A previous generation of trustees led by our late board chair George Ross made the critical decision to buy and safeguard this vital Philadelphia real estate, at a time when the economy made any vision for the future seem like an impossible dream. And 125 years ago, Anthony J. Drexel was incredibly prescient about the value of a transit-oriented location for the unique institution he founded.
Only rarely can we say with confidence that we are experiencing a seminal moment in the history of an institution and a city. This is such a moment for Drexel, and I am excited to partner with Brandywine Realty Trust to move forward with Schuylkill Yards.
Sincerely,
John A. Fry
President


This message was sent to Drexel Official Mail. See more information here.
This message to Drexel Official Mail was approved under the authority of
John A. Fry, President.

[McBane]

Seems like the first tower (31st and JFK) will be that reddish-hued building that I incorrectly stated was the site of Cira II. Looks to be a bit shorter than the Cira Center, so maybe 350-400 feet. Edit: Or is it the tall one behind it that looks like three separate buildings stacked onto each other (not my favorite one). That one appears to be at least 700 feet.

Are you guys sure Cira II is an active project? And that sick building at 21st and Market? Good thing they unloaded a lot of properties, they have a lot on their plate!

[Knight Hospitaller]

Originally Posted by Urbanthusiat

I know it's been said a lot lately but...

GAME CHANGER

And so much more "doable" in the near term than "capping" the rail yards.

[Knight Hospitaller]

Originally Posted by christof

One part of the Drexel plan that is and will be fantasy is taking out the freight rail (highline)

That ain't happening. No way. No how. Not ever.

EDIT: Someone already noted above that the highline is present in the renderings and the site plan.

[DrachenFire]

Now if only Drexel would resurrect the Armory renovation into an events center to give all of these students and new residents a place to blow off some steam while staying in the neighborhood.

I can dream...

[gjrip]

Originally Posted by DrachenFire

Now if only Drexel would resurrect the Armory renovation into an events center to give all of these students and new residents a place to blow off some steam while staying in the neighborhood.

I can dream...

Not sure I understand your idea. Drexel always uses that space for University concerts/raves/parties and intramural and club sports.

[summersm343]

Originally Posted by McBane

Seems like the first tower (31st and JFK) will be that reddish-hued building that I incorrectly stated was the site of Cira II. Looks to be a bit shorter than the Cira Center, so maybe 350-400 feet.

Are you guys sure Cira II is an active project? And that sick building at 21st and Market? Good thing they unloaded a lot of properties, they have a lot on their plate!

Both Cira II and 21st and Market are eventual projects as well as 7th and Market. All of these are in the pipeline at Brandywine and will be built when demand dictates.

Take a look at the site plan map:
http://static1.squarespace.com/static/54...940a7c37b08d/1456433347282/?format=1000w

The building at the Northeast corner of 31st and JFK, what they say will be the first tower, is on top of the parking lot north of the Bulletin Building. There is nothing in place of the Cira II site, which is the open whole over the train tracks. This plan still leave Cira II as a potential for the future.

[Knight Hospitaller]

Originally Posted by McBane

Seems like the first tower (31st and JFK) will be that reddish-hued building that I incorrectly stated was the site of Cira II. Looks to be a bit shorter than the Cira Center, so maybe 350-400 feet. Edit: Or is it the tall one behind it that looks like three separate buildings stacked onto each other (not my favorite one). That one appears to be at least 700 feet.

Are you guys sure Cira II is an active project? And that sick building at 21st and Market? Good thing they unloaded a lot of properties, they have a lot on their plate!

The site plan has a blank space where Cira II is supposed to go. I'm not sure whether that means a cap (there's greenery in the rendering, but not on the site plan), or just that Cira II is just a separate matter from Schuylkill Yards. The building footprint on the site plan is adjacent to the Cira II site (currently the portion of that long parking lot that is east of the highline). I've got to think that We haven't heard the last on this area from Brandywine this year. They don't need the mountain of cash that they've been amassing for a park and re-skinning the Bulletin building.

[summersm343]

PS - what's going on with the Firestone lot? Any idea? I know Drexel owns the lot now and planned to put a highrise here. Is this being treated as a separate project from the "Schuylkill Yard?" Would love to see something built here.