In preparation for a major development at Pennovation Works, the University of Pennsylvania is about to start construction on a 10-story parking garage with 858 spaces at the Grays Ferry property, writes Ryan Mulligan for the Philadelphia Business Journal.

The 23-acre campus is being built as an innovation, research, and startup development hub. It is currently home to Pennovation Center and a 73,400-square-foot lab building, as well as other research and office spaces.

The new parking garage is being built to support future site expansion. Construction will start in the first half of 2024.

Currently in the works on the site is a $365 million life sciences and biomanufacturing building. This is being developed in collaboration with Longfellow Real Estate Partners.

The university has the ability to build nearly 2 million square feet of space on the campus, which is ten times the already developed space, said Anne Papageorge, Penn’s senior vice president for facilities and real estate.

The new garage will increase the total number of parking spaces on the property to 1,663, according to the construction permit recently granted to the university.

Read more about the planned development in the Philadelphia Business Journal.

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