The university is gearing up to develop a 40-acre plot of land next to the Schuylkill River with green space, housing, retail, and office spaces, with the aim of creating a lively city core, uniting Center City and West Philadelphia.
The University of Pennsylvania's vision for a plot of riverfront property adjacent to its campus is becoming more clear since the recent acquisition of 26 acres of land formerly owned by the U.S. Postal Services.
"Endorsed by the university trustees on Thursday, Penn's plan is to revitalize 40 acres from Walnut Street to just below South Street on the campus' eastern edge. On what is now an eyesore of a site, office towers, condos and research centers would rise amid new athletic fields and recreation spaces, shops and restaurants. There is even talk of an elegant pedestrian bridge arcing the Schuylkill."
The project will cost nearly $2 billion and will take an estimated 20 years to complete. Roughly $194 million in infrastructure improvements will be billed to Philadelphia's public, while the remaining 90% of costs will be covered by the university.
FULL STORY: Penn's epic plans for riverfront
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