PHILADELPHIA-Construction is scheduled to begin this fall on a new 27-story apartment building on land owned by the University City Science Center at 3601 Market St. in Philadelphia.

The project is a joint venture between Wexford Equities, the parent company of Wexford Science & Technology, and Southern Land Company. This is the first residential project in the Science Center’s 50-year history, company officials stated in an announcement distributed on PR Newswire and is the first new high-rise construction project for market-rate rental apartments in University City since Domus was constructed at 34th and Chestnut streets almost eight years ago.

Located at the northwest corner of 36th and Market streets, the 400,000-sf building will feature 364 studio, efficiency, and one- and two-bedroom apartments, approximately 17,000 sf of ground-floor retail, a fitness center, a rooftop pool, a resident lounge and 200 parking spaces The project is being designed by BLTa architects with the goal of receiving LEED Silver certification. The building will be topped off with a green roof.

“This new project will add an entirely new dimension to the Science Center and our campus. It will help us achieve our goal of ‘activating’ our campus and creating a dynamic environment in which to live, work and play,” says Science Center President and CEO Stephen S. Tang, Ph.D., MBA. “As we celebrate our 50th anniversary in 2013, we are looking to the future-and the future of the Science Center centers on a vibrant 24/7 community.“

Established in 1963, the Science Center was the first, and remains the largest, urban research park in the United States. Graduate organizations and current residents of the University City Science Center’s Port business incubators have created more than 15,000 jobs and contribute more than $9 billion to the regional economy annually.