University City is Major Economic Engine for Region

According to 2006 Report Card, Neighborhood Accounts for $1.2 Billion in Salaries, Unprecedented Arts and Culture Growth, and New Developments in Private and Institutional Investment

Contact: Lori Klein Brennan, Sr. Director of Marketing & Communications, 215.243.0555 or lori@ucityphila.org

Philadelphia, PA - University City, the 2.2 square mile area just east of the Schuylkill River, continues to experience exceptional and positive growth according to the 6th annual report published by University City District (UCD), University City’s business improvement and special services district. This year, the Report Card highlights up-to-date information and significant progress in the areas of institutional and residential real estate, education, transportation, resident and student population growth, and the arts.

Both private and public investment in University City continues to increase. The 2006 UCD Report Card illustrates that University City employers are collectively a major economic engine for the City and the region, contributing over $129 million in wage taxes to the City annually and paying salaries of $1.2 billion to residents of City neighborhoods including $313 million to residents of West Philadelphia. In addition, many of the major institutions are undertaking significant development plans in areas of real estate and in regards to the expansion of programs and educational initiatives.

“The University City Report Card is the most valuable publication that UCD produces. Numerous developers and organizations interested in doing business in University City have mentioned that the report was important to them either in obtaining financing or convincing their partners that University City is a good place in which to invest” says Lewis Wendell, Executive Director of UCD.

2006 also marks the first year that UCD, with the help of the Greater Philadelphia Cultural Alliance, has collected comprehensive details on the neighborhood’s burgeoning arts and cultural community, which has grown by 200% since 1998. The Report Card also highlights University City’s progress in regards to the robust real estate market, ethnic diversity, new retail developments, and foot traffic.

32 pages of color charts, statistics, and photographs illustrate why University City is one of the most vibrant districts in Philadelphia. Notable developments in University City include:

Drexel University announced the launch of a College of Law and broke ground on a new building at Market Street between 32nd and 33rd streets.
University of the Sciences in Philadelphia (the first college of pharmacy in North America) celebrated their 185th anniversary and the new Science and Technology building on Woodland Avenue will be completed in the Fall.
Private Developers in partnership with the University of Pennsylvania broke ground on two major mixed use development projects:

Domus apartments at 34th and Chestnut streets, 290 market-rate rental apartments with 17,000 square feet of retail space.
The Hub at 40th & Chestnut streets with 101 market rate rental apartments with 27,000 square feet of retail space.

The Cira Centre, a project by Brandywine Realty Trust, opened adjacent to 30th Street Station, bringing new business and office space to University City.
Children’s Hospital of Philadelphia’s continued work on the $650 million 5-year expansion project at 34th Street and Civic Center Boulevard.
Penn Health System’s plans for the 360,000 square foot Perelman Center for Advanced Medicine which will open in 2008.

To obtain copies, contact the UCD by phone at 215-243-0555 or by email at ucd@ucityphila.org.
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University City District builds effective partnerships to maintain a clean and safe environment and to promote, plan and advocate for University City’s diverse, urban community. University City is the region’s leading community for technology, research, higher education and health care integrated with historic and desirable residential neighborhoods, vibrant commercial and cultural attractions, and strong transportation connections. Visit www.ucityphila.org for more information.

Release Date: Monday, June 5th 2006