Philly to get 8M square feet of construction next year

The Central Business District – Market East, Market West, University City, and the Navy Yard – are set to deliver a massive amount of construction next year.

JLL Philadelphia’s research found that there will be 8.7 million square feet of development created in 2018.

Nearly 30 percent of construction will come from office space being developed, such as the Comcast Technology Center, One Franklin, and 3675 Market, according to a Curbed Philly article. Almost 80 percent of the 8.7 million square feet will be new construction.

2018 will see almost triple the amount of development compared to 2017’s 3 million square feet, a sign that Philadelphia’s economy continues to grow.

Buccini/Pollin to build new 76ers facility in Wilmington

Buccini/Pollin Group announced their most recent development project: a new facility for the Philadelphia 76ers basketball team.

The building, which will be 140 square feet, is set to be built on the 8.9 acres of land near the Christiana River Bridge, which is currently under construction.

“This announcement by the 76ers organization confirms again that Wilmington is a great place for companies to invest, expand, and grow,” said Governor John Carney in a Delaware Business Now article. “… Importantly, this facility will create jobs, expand opportunities for kids in Wilmington to participate in sports activities, and attract even more visitors to our great state. Thank you to the 76ers organization and the Buccini/Pollin Group for their commitment to Delaware, and their continued partnership.”

The new facility, which will have retail and office space, will be worth $26 million in investment and is set to break ground in the first quarter of 2018.

PhilaPort gets two new container cranes

The Port of Philadelphia (PhilaPort) announced their recent purchase of two super post-Panamax container cranes, bringing the total to four cranes purchased by the port in 2017 for the Packer Avenue Marine Terminal in South Philadelphia.

“Each step in the development of PhilaPort is another important move in strengthening the economic success of the entire commonwealth,” said Governor Tom Wolf in a press release. “My administration is proud to partner with our port regions to invest in our infrastructure, bring key jobs to the region, and keep Pennsylvania’s economy competitive on a global scale.”

With these new purchases, PhilaPort is currently on track to set a record in total containers handled in a year.

The Port of Philadelphia is a huge economic engine in the Greater Philadelphia region; the acquisition of these two cranes will both grow the region’s economy and uphold its position as a top emerging global logistics hub.

Penn, Virtua will bring proton therapy to South Jersey

Penn Medicine and Virtua announced their plans to build a $35 million proton facility on Virtua Voorhees’ campus in southern New Jersey.

“Penn has established itself as a global leader in proton therapy both for the treatment of patients and the training of other medical professionals, and now we’re excited to spread that expertise to residents of South Jersey,” said Ralph Muller, CEO of the University of Pennsylvania Health System in a press release. “In partnership with Virtua, this center will usher in a new era of cancer treatment in South Jersey and give patients access to cutting edge care without having to come to Pennsylvania.”

The new center will allow patients to receive proton treatment, a less invasive form of cancer treatment than chemotherapy.

The center, which is expected to be completed by 2020, will be the first and only one of its kind in South Jersey.

These kinds of developments are what make the Greater Philadelphia region a global leader in life sciences and health care treatment.

Food company to relocate headquarters to New Jersey

Food company Chelten House Products Inc., which distributes organic dressings and sauces, is expanding their current office space and relocating their corporate headquarters to Gloucester County, New Jersey.

The company will be moving to a 209,437-square-foot building with the capacity to expand to up to 400,000 square feet.

While the Chelten House headquarters is relocating to Logan, New Jersey, it will maintain its presence at its current location in Swedesboro, New Jersey.

According to the Philadelphia Business Journal article, South Jersey is an attractive place for food manufacturers because of its proximity to the Pennsylvania and New Jersey Turnpikes, I-295, the Blue Route, and the Port of Camden.

The 11 counties of Greater Philadelphia as a whole are globally connected through the region’s infrastructure, the extensive supply chain, and distribution networks. With its highly skilled workforce and access to low-cost energy, the region is a top destination for food manufacturers.

Bucks County health system receives $10M donation

Doylestown Health Foundation, located in Bucks County, Pennsylvania, received two gifts of $5 million in order to support expansion projects at the hospital.

The donors, Alex and Patricia Gorsky and Richard and Angela Clark, were co-leaders of a fundraising campaign for the health system.

“Four generations of our family have been cared for at Doylestown Hospital — from the births of our grandchildren to the specialized geriatric services provided to our parents at Pine Run’s Health Center,” the Clarks said in a Philadelphia Business Journal article. “Through our outstanding personal patient experiences to the expert, world-class care we have witnessed for our family and received ourselves, we are proud to give back to Doylestown Health. This hospital is a gem in our community and we want it to thrive for future generations.”

There are numerous projects already underway, including a heart and vascular care center and community center. There will also be a future fundraising campaign for upgraded operating suites and a new outpatient center.

Doylestown Health is one 15 major health systems in the Greater Philadelphia region that collectively have over 100 hospitals throughout the 11 counties.

UD STAR Campus breaks ground on $156M biopharma institute

The University of Delaware’s STAR Campus started construction on their most recent addition, a $156 million biopharmaceutical institute.

The structure, which will be six stories and 200,000 square feet, is set to be completed by early 2020. Part of the building will be dedicated to the National Institute of Biopharmaceutical Research.

According to a Delaware Business Now article, the institute will be funded through a $70 million federal grant along with a cohort of 150 companies, educational institutions, and research centers.

The STAR Campus, or Science, Technology and Advanced Research Campus was once a Chrysler assembly plant that has since transformed into a 272-acre flourishing hub of innovation.

Equus purchases land next to Lansdale SEPTA Station

Equus Capital Partners recently bought the 6.7-acre parking lot that sits next to Lansdale’s SEPTA Station, with plans to construct a 181 unit, 15,500 square foot multifamily complex.

A subsidiary of Equus, Madison Apartment Group, will manage the property, according to Bis Now Philadelphia. The new complex will include a fitness center, an outdoor pool, and a package delivery room.

Equus’s purchase was made in order to capitalize on a growing trend of transit-oriented development in rural and suburban real estate that is aimed at being less reliant on cars and more reliant on public transportation.

Villanova to launch student-run real estate fund

The Daniel M. DiLella Center for Real Estate at the Villanova School of Business announced that they are creating a real estate fund that will be run by students, with a full launch planned for Fall 2018.

The funding will be entirely donor based and operate as a limited liability partnership. The fund has raised over $650,000 from alumni so far.

“This is taking it to the next level,” said Director of Daniel M. DiLella Center for Real Estate’s Jessica Taylor in a Philadelphia Business Journal article. “They’re going to truly understand the full investment process, what it takes to look for a good deal, invest in it, monitor it and understand when things go wrong … There’s not a better way to learn it than to do it.”

The fund is intended to prepare students for real-world investment situations, providing them with hands-on experience.

Three startups are streamlining healthcare at the Science Center

ChromaTan, InnaMed and Group K Diagnostics, three startups that are located at the Science Center’s Port incubator, are streamlining different aspects of health care.

ChromaTan, a biotech company that relocated from State College, PA, is working on a technology that will advance antibody therapies while mitigating the cost of products for manufacturing companies. They currently have a $2.5 million FDA contract that they are using to develop their research.

InnaMed has already developed one product, a kidney and cardiovascular test that improve heart failure management. They are currently developing a blood testing device that will allow patients to test their blood at home, making it easier for both patients and health care providers alike.

The third startup, Group K Diagnostics, is developing a low-cost technology that will serve as a diagnostic system via an app. Through the app, samples from patients can be tested in approximately 20 minutes, which cuts down time in sending bloodwork to labs.

All three of these startups are working out of the Science Center’s Port business incubator, which serves as a hub for emerging life sciences and technology companies.

“The Port connects its residents to Greater Philadelphia’s diverse and supportive innovation ecosystem,” stated the Science Center’s press release. “Over the last four years, Port residents have successfully raised more than $250 million in capital.”

The Port is one of over 65 incubators, accelerators and co-working spaces in Greater Philadelphia that enhance collaboration and spark innovation.