Zoning changes — high density, mixed use — proposed for parcels near 30th Street

A bill has been introduced in Philadelphia City Council that would rezone parcels along John F. Kennedy Boulevard and Market Street near 30th Street to allow for high-density, mixed-use development.

The zoning, if approved, would lay the groundwork for Schuylkill Yards and an innovation zone that Drexel University and the city have envisioned for that area.

New zoning is being proposed along John F. Kennedy Boulevard and Market Street.

The sites are currently zoned industrial and the bill, sponsored by City Councilwoman Jannie Blackwell, moves to change the zoning to CMX-5, which allows for the density of buildings such as nearby Cira Centre or Comcast Center as well as a mix of uses such as residential, retail and hotel. If passed, the new zoning would become immediately effective, and pave the way for new development.

Drexel University announced in March that it was teaming up with Brandywine Realty Trust (NYSE:BDN) to develop an innovation district around the school called Schuylkill Yards. Part of the responsibilities of Brandywine as master developer is to secure proper zoning and other approvals that are necessary to move forward with the project. Brandywine said in Securities and Exchange Commission filings that it would spend the next 18 to 24 months primarily to obtain zoning, land-use and other approvals and to develop a park area associated with Schuylkill Yards.

Officials from Brandywine, Drexel and Blackwell’s office couldn’t be reached for comment on the proposed legislation.

The $3.5 billion project will be developed in six phases on 10 acres of land Drexel owns around its campus and be built over a 20-year period. The first phase is expected to begin during the first half of 2018 and consist of a 700,000-square-foot mixed-use facility of which office space will account for at least 60 percent. Construction of that structure is expected to be completed by the fourth quarter of 2019.

Rumors have already started to pick up on which companies might find a home in Schuylkill Yards and one that has emerged with some frequency is Spark Therapeutics, which would reportedly consider taking space in the former Bulletin newspaper building that Drexel owns at 3001 Market and possibly eventually moving into space created by the Schuylkill Yards development.

The company earlier this year confirmed it was exploring expanding its operations. It declined comment on any specific interest it has in the Schuylkill Yards, which is near its headquarters at 3737 Market.

“We are currently reviewing our real estate needs and options, but have not yet made any final decisions,” said Spark spokeswoman Monique Da Silva.

Spark is in the process of filing an application with the Food and Drug Administration seeking approval of its lead gene therapy product, Voretigene Neparvovec, a one-time treatment for a rare inherited genetic disease that causes blindness.

Source: Philadelphia Business Journals