PHILADELPHIA — Nuclear science company TerraPower Isotopes (TPI) has unveiled a $450 million investment plan to establish a radioisotope manufacturing facility in Philadelphia that will support the development of cancer-fighting drugs. The Commonwealth of Pennsylvania is investing $10 million for the project, which is expected to create 225 new full-time jobs over the next three years.
TPI will lease a 250,000-square-foot build-to-suit facility within The Bellwether District, a 1,300-acre industrial campus in South Philadelphia that is the redevelopment of the former Philadelphia Energy Solutions refinery. TPI will utilize the flagship East Coast facility to produce actinium-225 for use in the development of cancer treatments.
TPI received a funding proposal from the Pennsylvania Department of Community and Economic Development for a $7 million grant through the PA SITES Program, and a $3 million Pennsylvania First grant. The company is also eligible to apply for the department’s Manufacturing Tax Credit and the Qualified Manufacturing and Innovation Reinvestment Deduction programs.
According to TPI, the development of an East Coast manufacturing facility, along with expanding capacity in its existing Everett, Wash., facility, will increase production capacity 20-fold of actinium-225.
Real estate investment company HRP Group, formerly known as Hilco Redevelopment Partners, is developing The Bellwether District. Comprising nearly 2 percent of the city’s landmass, the site is less than three miles from Center City, Philadelphia International Airport, I-95 and I-76. Construction began in late 2023.
Ron Cariola and Tyler Vandegrift of JLL represented TPI, while Joe Colletti of JLL represented HRP in the lease negotiations.
Philadelphia is an emerging powerhouse for radiopharmaceutical innovation, according to JLL. The region is home to globally recognized medical institutions and four National Cancer Institute-designated cancer centers.
The Bellwether District currently houses two newly built Class A warehouses available for lease, with additional build-to-suit opportunities available. A 1.4 million-square-foot build-to-suit manufacturing facility for California-based canned beverage manufacturer DrinkPAK is under construction. At full build-out, HRP plans to deliver more than 14 million square feet of space.
— Kristin Harlow