Spark Therapeutics, Inc., a commercial gene therapy company, is moving to the Schuylkill Yards development in University City. This move will create 500 new jobs in addition to their current 262 employees. This move will allow the company to expand their research and development operations.
“This expansion is proof of our continued commitment to research, development, and innovation in West Philadelphia and of our determination to offer new genetic treatments for people living with genetic diseases,” said CEO and Co-Founder of Spark, Jeffrey D. Marrazzo.
The company received DCED funding for their expansion from a $2 billion Pennsylvania First grant for their projected job growth and a $7.5 million grant from the Redevelopment Assistance Capital Program.
Development projects throughout Greater Philadelphia have led to major economic growth. A 2016 University City District report revealed that development has increased hotel capacity, office vacancy and median house value.