Development for One uCity Square officially broke ground in late January and is expected to finish by the end of 2021. The University City Science Center, Ventas Inc., and Wexford Science and Technology have partnered to create the $280 million, 400,000-square-foot building.
Developers fully expect that the new building will be in high demand once completed.
“We feel very bullish on the market and our ability to fill this building,” said Joseph Reagan Jr., senior vice president of Wexford Science and Technology. “We didn’t want to have a situation where we have demand and no place to put people.”
One uCity Square will have lab and office space, ground-floor retail, a full-service restaurant, a lobby, and gathering spaces with rent close to or exceeding $50 per square foot. A new 45,000-square-foot public park will also be adjacent to the uCity Square building and a new 460-unit apartment building will be nearby.
In October of 2019, Genetic Engineering & Biotechnology News listed Greater Philadelphia on the top 10 biotech hubs throughout the country. The ranking was based on multiple factors including the One uCity Square building that is expected to attract more life sciences companies to our region.