ESI was retained by University Place to generate the economic impact of 3.0 University Place, a state-of-the-art, eight-story, mixed-use, life sciences enabled building located in the rapidly growing submarket of University City, Philadelphia. The newly designed project features ground-floor retail, and curated wet/dry lab space, including an incubation coworking floor.
Wistar, one of the most respected biomedical research organizations in the world, will open a new Discovery Center, which will be a hub of early-stage scientific research. Ben Franklin Technology Partners also joined the Wistar Institute as a collaborator by creating a 28,000+ square foot “Innovation Floor”. The innovation center will feature shared lab and office space, and give resident companies access to Ben Franklin’s expertise in crucial topics like prototyping, building a supply chain, regulatory issues and market entry, among others.
ESI found its economic footprint promises to generate significant statewide and citywide impact, with particular benefit to local residents and local vendors. And the confluence of uses envisioned for 3.0 will contribute to the region’s overall competitiveness and yield world-changing scientific breakthroughs.
This ongoing impact accounts only for activity within 3.0; over time, successive waves of businesses will form, grow, and move out to other locations throughout the region, multiplying the economic activity and employment represented by 3.0’s presence in the region.