PHILADELPHIA—The University of Pennsylvania released is master plan for 23 acres along the Schuylkill River on Thursday. Penn officials say the university hopes to establish “Pennovation Center,” a business incubator as the anchor for the new South Bank campus.

The property used to be owned by Dupont and is located in the Grays Ferry section of Philadelphia, according to the Philadelphia Business Journal. The development at the South Bank campus would be multi-phased and initially involve adding new light industrial and flex-use buildings. At build out, up to 1.5 million square feet of new space will be constructed on South Bank.

“The South Bank of the future will be a dynamic, mixed-use incubator of ideas,” University of Pennsylvania President Amy Gutmann states. “This forward-thinking master plan will provide cutting-edge facilities and professional services for Penn's community of innovators, researchers, students and entrepreneurs, in order to accelerate the formation of new, university-based business ventures. It puts Penn at the forefront of new business development in the region and creates the potential for transformational change along the banks of the river just south of our campus.” See story in the Philadelphia Business Journal.