Philadelphia’s First Step to a Platform of Innovation
The development will include 2.8 million square feet of office space, 1.6 million square feet of apartments, one million square feet of lab space
and more than 100,000 square feet of retail in buildings that will combine new and refurbished construction.
“We hope Schuylkill Yards is going to move the physical perception of the city west.”
The park is a linchpin of the project, Mr. Sweeney said, because the overall intent is to create a livable neighborhood
that will attract an educated work force, one that increasingly demands walkable access to offices, shops and homes in a dense urban environment.
Bruce J. Katz, a scholar at the Brookings Institution who has studied the development of University City, agreed
that the project’s proximity to transportation and top research facilities in the heart of a major city was an unusual combination that was likely to attract the significant investment sought by the developer.
It will eventually include seven million square feet of office, laboratory, retail and residential space within walking distance of downtown businesses, attributes
that may be attractive to Amazon, which has named Philadelphia as one of 20 finalists in its search for a second headquarters.
Its scale and location will give further impetus to the University City district, a neighborhood in West Philadelphia
that houses a complex of academic and research institutions, including Drexel, Penn and the Children’s Hospital of Philadelphia.
The 1.3-acre park, to be known as Drexel Square, kicks off a 20-year, $3.5 billion development
that aims to create a hub for technology and life-sciences companies called Schuylkill (pronounced SKOO-kul) Yards.