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UPenn Charts $6B-Plus, 30-Year Expansion

PHILADELPHIA-The University of Pennsylvania unveils a four-phase master plan encompassing all sectors of real estate on all sides of its campus, beginning with a $2-billion transformation of the Schuylkill riverfront.

By Marita Thomas | Updated on June 23, 2006

PHILADELPHIA-Following a 20-month study, the University of Pennsylvania and the Boston-based Sasaki Associates design firm has created a four-phase, 30-year master plan for expansion. It includes the development of housing, retail, office, medical, cultural, educational and research facilities, and the projected construction cost is $6.7 billion, according to Craig Carnaroli, Penn’s EVP.

Carnaroli tells GlobeSt.com the funding will be split in an approximately 30/40/30 ratio among private developers, the University Health System and the university, respectively. He anticipates that city, state and federal funds will contribute an estimated 10%, or approximately $200 million of the university’s portion of the tab.

Some of the expansion plan is already under way or committed. Penn just inked an agreement with the Atlanta-based University Partners for a $50-million multifamily building at 3900 Walnut St. where Penn currently operates single-story retail. It will contain about 150 rental residences and 40,000 sf of ground-floor retail. University Partners, a subsidiary of the Dallas-based FirstWorthing, is developing the project under a 65-year ground lease to Penn. Other multifamily developments are under way at 34th and 40th and Chestnut streets under similar partnership arrangements.

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