(Photo courtesy of Ben Franklin Technology Partners)
Navy Yard-based investor group Ben Franklin Technology Partners announced Tuesday it will be opening an “innovation floor” within the in-progress University Place 3.0 building in University City.
The proposed 28,500 square foot space will focus on supporting early-stage technology-focused companies with incubation space, support services and strategic resources, Ben Franklin Technology Partners said.
The innovation floor comes through a partnership with University Place Associates, as the developers work on University Place 3.0, a building at 41st and Market streets. The building itself will be LEED platinum V4 certified, with 230,000 square feet of space across eight floors.
“This innovation space provides critical resources needed by early-stage life science and engineering companies,” Anthony Green, vice president of Ben Franklin’s Technology Commercialization Group, said of the project.
The 3.0 project follows UPA’s last building, the aptly named University Place 2.0, which was completed in 2013 at 41st Street and Powelton Avenue. The buildings are part of a large plan to develop Market Street between 39th and 42nd Streets into an eco-conscious corridor focused on innovation and job growth, UPA says.
“We’ll have the opportunity to nurture projects, ignite startups, and impact the community,” Anthony Maher, president of UPA, said of the innovation floor.
Ben Franklin President and CEO RoseAnn B. Rosenthal said the two organizations were “aligned in vision,” about the project and see it as an opportunity to extend more opportunities to early-stage projects and companies.
“UPA’s partnership with Ben Franklin reflects our shared passion for innovation, and our commitment to bring new resources and opportunity to the Philadelphia region’s entrepreneurial ecosystem,” she said.
Developers expect University Place 3.0 to break ground by the end of the year.-30-
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