4055 Market Street

University Place Associates, who have been developing lots along Market Street between 40th and 42nd as a life-sciences campus, have scrapped their plans for a new lab and office building at 4055 Market Street, according to reports. Instead, the developer is now planning to build a residential tower aimed at senior residents (55 and older) at that location (it is now a surface parking lot formerly occupied by a Rite Aid).

The plans for the 400,000-square-foot lab hub, dubbed 4.0 University Place, were replaced by a market-rate senior housing development project due to a sluggish market for life sciences space, according to a report by the Philadelphia Business Journal.

University Place Associates has already built two office and lab hubs in the area – 2.0 University Place, located at 41st and Powelton, and 3.0 University Place at 4101 Market St. The company announced last year that they are also planning to add another building to its life sciences campus – a 5-story parking garage at 41st and Filbert, one block north of Market Street. The parking garage will include a small community garden and dog park. Both new buildings, the parking garage and the residential tower, would be across the street from 3.0 University Place (on the other side of 41st Street).