Wall Street Journal - "One of the most ambitious real-estate-development projects in Philadelphia involves revamping a 42-acre eyesore on the banks of the Schuylkill River into a hub featuring gleaming office towers, apartments, a hotel and restaurants. The catalyst for the $2 billion redevelopment: the University of Pennsylvania.
Universities, increasingly, are extending their reach to off-campus development in an effort to give their surrounding areas and town centers a vibrant and modern feel. In the process, they are becoming major drivers of economic development after concluding that their fortunes are directly tied to those of their cities.
University officials say the campaign could eventually bring 4,000 new jobs to the area. Another reason for the push is that institutions are recognizing that, along with lucrative financial packages and strong academic reputations, they need to have attractive and exciting college towns to lure top faculty and students."
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