The University announced its development plans for the 3900 block of Walnut Street, and gave the official approval to the plan announced in May for the redevelopment of the riverfront Postal Lands.
At the summer meeting of the University Trustees Thursday, the plan to redevelop the 40 acres of land along the Schuylkill River was officially endorsed by the attendees. Projected to take about two decades to complete, the final price tag is estimated at $1.94 billion, with about 10 percent, or $194 million, contributed by taxpayers.
Penn will acquire 24 acres of land between Locust and Market streets, purchased from the U.S. Postal Service for $50.6 million, in early 2007.
The international planning and design firm Sasaki Associates Inc. has assisted the planning, which includes additional residential space, research and teaching facilities and an extension of Locust Walk to Center City.
Penn also announced late Thursday that it had partnered with Dallas based housing developer FirstWorthing University Partners to construct a $50 million apartment building with commercial and retail space available on the 3900 block of Walnut Street.
Penn and FirstWorthing have enlisted the help of Philadelphia based design firm Erdy McHenry Architecture LLC to assist in development.
Penn currently owns the retail space that exists on the proposed site, and is working with tenants to relocate them in time for groundbreaking on the project, which is expected to take place sometime early next year. The project is projected to take up to 24 months to complete.
