Developer Brandywine marks opening of park seen as first step toward big Schuylkill Yards project

Brandywine Realty Trust has taken the wraps off a University City park that it’s casting as a first step toward completing its $3.5 billion master-planned Schuylkill Yards development covering 14 acres west of 30th Street Station.

Brandywine chief executive Jerry Sweeney joined Philadelphia officials including Mayor Kenney on Monday to unveil the 1.3-acre Drexel Square park, which was completed for $14.3 million at what once was a parking lot on Market Street between the train station and the former Bulletin newspaper building.

“We understand the social, environmental, health and economic benefits that green spaces offer to communities,” Sweeney said in prepared remarks. “Drexel Square lays the foundation for what’s to come at Schuylkill Yards.”

With the park completed, work is now set to begin on the $43.3-million renovation of the Bulletin building into a headquarters for life sciences company Spark Therapeutics, scheduled to open early next year. Next slated to rise are two new buildings planned at 3001 and 3025 John F. Kennedy Blvd. featuring offices, shops and dwelling units.

The projects are part of what’s expected to eventually be 6.9 million square feet of office, lab, residential, retail, hotel, and green space, Brandywine said.