Cira Centre South-Postal Lands Redevelopment
University of Pennsylvania, Brandywine Realty Trust — Philadelphia, PA
Philadelphia 30th Street Station on the NEC has been at the center of recent development with more activity expected in the future. Brandywine Realty Trust’s Cira Centre, a $180 million commercial development connected to the station, opened in 2005 and a $340 million redevelopment of the adjacent post office into office space housing the Internal Revenue Service (IRS) was completed in 2010. In that year, existing station area development was valued at $916 million, with 88 percent of that value in commercial development and 12 percent in residential. At this time, a $158 million residential tower is under construction south of the old post office and a $341 million office and residential tower is expected to break ground in 2014.
The University of Pennsylvania partnered with Brandywine Realty Trust to redevelop the former Central Post Office site south of 30th Street Station. The project is a major component of Penn’s 2006 Master Plan, Penn Connects, and will help reconnect Center City to University City. When completed, the project will have approximately 1.8 million square feet devoted to university, commercial, and residential uses, including:
• Historical rehabilitation of the Central Post Office building into the new regional headquarters of the IRS (This project was completed in 2010).
• An 850-bed graduate student housing tower (This project is currently under construction).
• A mixed-use office and residential tower anchored by chemical firm FMC Corporation and the University of Pennsylvania.
Rendering of Cira Centre South, including the planned FMC Tower and Grove apartment tower. Source: Brandywine Realty Trust.