Back in January, we shared the news that the University City Science Center would be building a large apartment building at 3601 Market St., representing their first ever residential undertaking. A press release that we received the other day confirms that the Science Center and their partner Southern Land Company have secured $110M in financing, meaning the project is officially a go. Currently, the parcel is a surface parking lot (boooo) but the project, as proposed, would utterly transform the currently uninspiring locale.
The project has changed somewhat since we first shared the details. It’s grown one floor, and will now be a 28 story building that has an interior square-footage of nearly 450K sqft. As the building has grown, so too have the number of apartments increased. Now, 375 apartments ranging in price from $1,300 to $2,800 a month will be included in the building. Residents will be able to enjoy amenities like a fitness center and a pool on the 6th floor. Unchanged from the previously described plan is 15K sqft of ground floor retail and parking for 200 cars.
Several green elements will be included in the property, and LEED Silver certification will be pursued. The architects, BLTa, have refined the look of the building somewhat in a new rendering which includes added depth along with balconies on the eastern side of the building.
There’s no question that this will be a huge improvement over what is currently on the site. We’re particularly pleased to see both the density coming with the taller building as well as the first floor commercial component. Though it’s being built by the Science Center and will undoubtedly have some residents who work there, the primary occupants of 3601 Market will surely be grad students at Penn and Drexel. We must say it certainly seems like a nice upgrade over Penn’s Grad Towers.