Category university city

University City’s growth labeled as a “real estate explosion”

Aerial View | University City, Philadelphia

 
I agree.

How else can you describe a small, dense, city-within-a-city that has seen local jobs climb from 50,000 to 72,000 in just over 10 years? That’s an overall increase of 44% (since 2001), and half the time was also during one of the worst recessions the US has ever seen.

Pretty impressive.

Here is a great quote from Matt Bergheiser, Executive Director of the UCD:

“It’s the land of opportunity here. Our general theme is onward and upward. It seems like every year we build on the amazing things that happened the year before. We broke some barriers and some of it is measured by data. We broke the 72,000 jobs barrier, we broke 43,000 student mark and we have more 6.5 million square feet in development either planned in a real way or under construction and a wave of residential development coming.

“Almost 2,000 new housing units are coming. That’s about 4,000 to 5,000 additional people or about a 10 percent increase in population by 2015. We continue to be a place where the concentration of economic activity is unmatched in all but a handful of places around the country. It’s important and critical for the city and region. When you get a lot brain power in a concentrated space, good things happen.”

Multiple posts have been written during my blogging career about how impressed I am with UCity’s growth, as well as their planning, decision making, and organization.

Here are some past PhillyUrbanLiving.com articles for further info consumption (in case you are either new to this blog, or just want a refresher), starting with the most recent:

– University City … meet “Drexification”
– More residential growth for University City
– What recession?
– More rental high-rises for University City
– University City is still thriving
– An “oasis” at Penn

Talk about a UCity overload, but I always find that it’s helpful to take one current, worthwhile article, and link it to past blog posts that I’ve done to bring the point home. It just makes for easier reading.

If you have not been to University City recently, since college, or since the 90s, now is as good a time as ever to drive down, walk around, and have a nice dinner while you’re there.

University City … meet “Drexification”

Long-term details for Drexel’s “Campus Master Plan.”

 
Back in 2009, Philadelphia Weekly did a story on the changing residential/commercial/educational scene in University City.

They called it “Penntrification.”

But isn’t new development, with additional retail, a good thing for Philadelphia? My answer would be yes, but this one has layers.

New development, good.

New commercial, good.

More jobs, good.

More students coming to Philadelphia for a first class education, good.

Small businesses suffering at the hands of larger corporations, bad.

Now, we can argue this subject all day, but I do believe that smaller business are typically on the losing end when larger, franchise-y businesses move in. Just look at Walmart, if you need a good, widely known example.

Again, my personal opinion.

On the flip side, I’m also a firm believer in “if it ain’t broker, break it.” Businesses that choose not to change, just for the sake of fearing change, typically have a hard time surviving these days. Today, the level of change needed to keep a small business healthy will vary from one to the next, but overall all small businesses should constantly be looking at ways to improve their general business model. Whether that’s new sales revenue, higher customer service, or better curb appeal, having a fresh look for a small business is critical to keeping today’s customer loyal. That’s because the common expectation is, “What have you done for me lately?”

Drexel is now taking a page from Penn’s book and planning ahead with an updated “Campus Master Plan.” Most of what they are planning over the next few years seems very reasonable, and it should improve the neighborhood (i.e. new planters/benches, upgrades to existing buildings, etc).

But if Penntrification was any lesson to the University of Pennsylvania, Drexification will need to plan a little better for the long haul if they want to see their plans through; without interference.

More residential growth for University City

 
As if UCity did not have enough projects going on already, add another one to their long list of successful growth.

University City’s famed Science Center is planning to build a 27-story apartment building at the corner of 36th & Market. Their main motivation for this building is to create “a hub for innovation and entrepreneurship.”

Given that this place is expected to house 364 apartments (1 and 2 bedroom options), a fitness center, resident lounge, rooftop pool, parking, and 17,000 sq ft of ground floor retail space, you might be asking, “who is their target market for residents?”

Well, that’s a great question.

According to the article, the Science Center is looking to market the building to local professionals and business owners in the immediate area, as well as both Penn and Drexel students.

I completely agree.

Over the last 10 years, UCity has slowly turned into an education/medical/tech hub for students (both graduate and undergraduate), young professionals, and families. Not only for schools/jobs, but for living options as well. Considering that this building will have high-end features (granite countertops, stainless steel appliances, etc.) and amenities (fitness center, rooftop pool, etc.), I think they hit the nail on the head.

The industries that are growing in this part of Philadelphia all support the income level needed for this type of living, and it also encourages future growth for more of the same.

Oh … and I forgot to mention, this building will also be sustainable and environmentally friendly (with the Science Center shooting for LEED Silver Certification).