Brandywine, Drexel break ground on $3.5B Schuylkill Yards project

It's been called one of Philadelphia's most critical real estate developments.

Today, with Mayor Jim Kenney and other politicians on site, Drexel University and Brandywine Realty Trust broke ground on the modest first phase of what's officially called Schuylkill Yards Innovation Community — a $3.5 billion, 14-acre mixed-use project the developers hope will lure Amazon's vaunted second headquarters.

Schuylkill Yards Groundbreaking

 

A worker prepares the ceremonial shovels for the Schuylkill Yards groundbreaking on Nov. 8, 2017.

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"I have never seen our political leadership and business leadership work so well together," Kenney said, citing the groundwork done for the project by Brandywine, Drexel and city and state political leaders. 

"Today, we take the first steps in making this large-scale innovation community a reality," said Jerry Sweeney, CEO of Brandywine Realty Trust. "We are proud that our first project is Schuylkill Yards will deliver a green public gathering space where the community can connect, interact and share experiences."

That first project is called Drexel Square, a 1.3-acre park on what is now a surface parking lot across the street from Philadelphia's 30th Street Station. Designed by SHoP Architects and West 8 Landscape Architects, the park is scheduled to be completed by the fourth quarter of 2018.

The overall project, which is expected to be developed in pieces over the next 15 to 20 years, is being developed by Brandywine on land owned by the developer and Drexel University.

Project plans call for:

• 6.5 acres of green space and improved streetscape
• A total of 7 million square feet of developed space at build-out.
• A fully mixed-use project, including office, lab/research, residential, retail and hotel uses.

"Schuylkill Yards will be a defining development that becomes the model for urban America," said John Fry, president of Drexel University, at the groundbreaking ceremony. He extolled Drexel Square as "the long-awaited sixth square of our great city" — referencing other full-block parks such as Rittenhouse Square and Washington Square.

"Drexel Square is just the latest piece to a bigger puzzle that is helping to make Philadelphia one of the top 25 cities in the world," Fry said.

Della Clark, president of The Enterprise Center, a small-business incubator in West Philadelphia, announced during the ceremony that Brandywine has agreed to seed the new Grow Philadelphia Capital Initiative with an initial investment of $500,000. The ultimate goal for the new fund is to raise $15 million to help fund small businesses.

Kenney said the most important part of the Schuylkill Yards project is its impact on the surrounding West Philadelphia community. "What Philadelphia really needs is long-term, inclusive growth," he said.

 

But Pennsylvania Sen. Vincent Hughes, a Democrat who represents West Philadelphia, may have stolen the show with his direct remarks to Amazon.

"If Amazon is smart, they need to show up here," Hughes said. "Mr. Bezos, this is where you need to be."

Most Rentable Office Buildings in Philadelphia's Central Business District

Ranked by CoStar rentable building area sq. ft.

Rank	Property	CoStar rentable building area sq. ft.
1	100 Penn Square East, Philadelphia, Pennsylvania	1,400,821
2	1701 John F. Kennedy Blvd., Philadelphia, Pennsylvania	1,235,876
3	1650 Market St., Philadelphia, Pennsylvania	1,200,889
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Source: Plan Philly