The University of Pennsylvania (UPenn) and Sasaki Associates of Boston have created a $6.7-billion, 30-year expansion plan in Philadelphia. To be constructed with several third-party developers, the master plan includes medical, office, educational, housing, retail, and research space. UPenn is working with Atlanta-based University Partners on a $50-million multifamily housing facility to include 150 units and 40,000 sf of ground-floor retail. UPenn will develop other multifamily housing rentals nearby.
The University has also purchased a three-building, one million-sf facility from the U.S. Postal service for $50.6 million. The site will be developed as a $2-billion mixed-use project with housing, office space, a public policy center, and campus athletic fields; completion is expected by 2010. Future phases of the master plan include additional housing, a research and teaching facility, expanded medical space, and retail.
