Philly Curbed: Green Space and Residential Space on the Rise in UCity

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by Molly Web

The University City District produces a report on changes and development in the area every year, and this year's report found that residential real estate and big development projects are on the rise. The report also spotlighted projects that are still in-the-works, including a reimagined 40th Street trolley portal.

Residential space increased tremendously: the UCD found that there were 2.6 million sq ft of new residential space in the University City area. The report also shows that while median housing prices aren't back at their peak, they are slowly creeping upwards.

This year was also a big year for new major developments: the UCD report lists twenty nine major development projects that were either completed or took big steps forward. Notable projects include the just completed LeBow College of Business (at 32nd and Market,) the recently acquired South Bank of the Schuylkill River (a 23 acre parcel that the UCD plans to develop,) 3601 Market Street, a planned 27 story residential tower, and the Advanced Care Pavillion of Penn Presbyterian Medical, located at 38th and Lancaster, which will be completed in early 2015.

The UCD is also pleased with the performance of its public space projects, like The Porch at 30th Street Station, the new crossing at Baltimore Avenue and 48th Street, and the parklet program. In the coming year, they're gearing up to add green space and a cafe to the 40th Street trolley portal, and to tinker with Drexel's Perelman Square (at 32nd and Market.)