The latest Schuylkill Yards development at 3151 Market Street is set to open soon. Brandywine Realty Trust is bringing over 400,000 square feet of new life sciences lab space to West Philadelphia in partnership with Drexel University through a ground lease.
3151 Market will also include retail offerings: namely, a Fine Wine & Good Spirits liquor store and a Starbucks on the ground floor. The FW&GS will be a “Premium Collection” location, featuring high-end spirits and events like wine tastings. It will be the closest liquor store to campus, facing John F. Kennedy Boulevard. Drexel representative Niki Gianakaris did not comment on the store’s opening.
The new Starbucks location seems poised to supplant the one currently located in Gerri C. LeBow Hall across the street. The agreement for the LeBow location “is currently up for renewal. Through Drexel’s partnership with Aramark, the best coffee service option for LeBow is being explored and evaluated,” Gianakaris told The Triangle.
“Drexel Business Services conducted a survey in Spring 2024 in partnership with the USGA to collect retail preferences for the campus. This data, along with Aramark’s ongoing feedback survey data is being used to help determine the path forward,” she added.
In addition, “A total of $122.6 million from Schuylkill Yards and the portion of F Lot ground leases were added to Drexel’s endowment,” noted Gianakaris.
Ground leases involve the university leasing its land to a developer, who in turn builds on the site. The university receives ground lease payments either upfront for the endowment or recurring towards the operating budget.
While 3151 Market is the latest Schuylkill Yards project, it appears to be the last for the foreseeable future. Plans for 3001 JFK Blvd., another life sciences skyscraper, have been put on hold as the demand for lab space slows. But whether or not the buildings find tenants, the developments have been a boon for the university’s endowment.
Life sciences developments were embraced as a part of the university’s 2030 Strategic Plan and were particularly touted by former university President John Fry. They have been envisioned as a way to turn parking spaces into convenient co-op placements, and to create a “gateway” to University City. This booming section of West Philadelphia has benefited from a raft of federal and state incentives to spur redevelopment, though 3151 Market does not appear to be a beneficiary of them.
Signage is in place for the Fine Wine & Good Spirits location, but an opening date has yet to be announced. There are no signs of the planned Starbucks yet. A Brandywine representative told the Triangle in November to expect the retail offerings to open early this year, and for a planned food hall in the nearby Bulletin Building at 3025 Market Street to join them later in the year.