West Philadelphia Institute (2019)

Philadelphia, PA

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NMTC Amount: $1,500,000

Est. Total Project Cost: $8,565,051

COMMUNITY IMPACT

This project involved the historic renovation of a 3-story, square foot commercial office building. In February 2017, U3 Ventures acquired the dilapidated yet historically significant office building at 40th and Ludlow Streets in West Philadelphia, originally designed by Frank Furness. In 1876,the building was originally named “The West Philadelphia Institute,” because its purpose was to house a library and provide vocational training resource services. U3’s intent is to restore the building to its 1927 condition and create a vibrant community of enterprises using the co-working space concept. The Institute’s strategic location directly adjacent to the Science Center (“uCity Square”), Drexel and University of Pennsylvania, offer its tenants far-reaching capacity to serve their missions while being based in a genuinely neighborhood setting. The ground floor will be a mix of retail and office space. Tenants obtained thus far are Excel Physical Therapy and U3 Advisors, a real estate and economic development consulting practice.

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