A Strategic Site
The Pennovation Works is a highly visible site that is well connected to the region, Center City, and University City. Recent investments in open space trails have connected the site to the Schuylkill River with dedicated public access and riverside amenities. Penn, the Philadelphia Industrial Development Corporation (PIDC), and the City, along with public agencies, are joining efforts to improve the pedestrian and traffic connections to the site, reposition properties in the surrounding areas, and create improved vehicular and pedestrian access to the neighborhood and University City.
The Pennovation Works framework plan aligns with the PIDC's vision to revitalize the 500-acre Lower Schuylkill River district into a regional Innovation District.
Early implementation efforts are underway to establish a distinctive Innovation District Gateway at 34th and Grays Ferry Avenue. New investment and PIDC master planning will drive the transformation into a mixed-use area featuring cutting-edge innovation, the next generation of entrepreneurs, and expanded university-based research commercialization.
Businesses that are located at Pennovation Works are eligible to receive significant state and local tax benefits including abatement of Business Privilege Tax, Net Profit Tax and Real Estate Tax.
