Real Estate Development
Since 1998, Penn has used a variety of real estate development techniques to contribute more local retail amenities. University Square, a 300,000 square-foot retail district anchored by the Penn Bookstore and the Inn at Penn, has become the social and commercial heart of campus. The redevelopment of 40th Street, a historic retail corridor on the western edge of campus, is now a vibrant 24/7 area with a 35,000 square-foot grocery store, a six-screen cinema, and multiple shopping and dining options. Using a land leasing strategy, Penn has attracted $1.5 billion in private mixed-use residential and office developments including: Left Bank, The Hub, Domus, The Radian, EVO and the FMC Tower, to name a few. Since 1998 the commercial real estate district has grown to 412,000 square-feet of retail business; added 12 new buildings that include 1,244 privately supplied apartment buildings, and tens-of-thousands of square feet of new office space. To learn more, visit https://www.facilities.upenn.edu/services/real-estate.