Penn preparing South Philly, China projects

Philadelphia's largest employer, the University of Pennsylvania and Penn Medicine, with over 30,000 workers, "will be stable to moderately growing this year," executive vice president Craig Carnaroli (the '85 grad who runs the place while President Amy Gutmann is in New York raising millions) told Greater Philadelphia Chamber of Commerce members at their annual economic outlook breakfast this morning. Highlights:

1) "We're going to open a Penn Wharton Center in Beijing," Carnaroli said. But there are no plans to built a lot of foreign campuses -- "Penn (in Beijing) won't be like NYU Abu Dhabi" -- in part because faculty don't want to leave Philadelphia for months on end, he said. "We will partner (in) key growth areas. In India we have a tremendous relationship with government in differennt sectors there," which seems to have survived the controversy over a rescinded invitation to Narendra Modi, now India's President, last year.

2) "We're breaking ground for an Innovation Center at the former site of DuPont Marshall Labs at Grays Ferry Ave. and 34th St.," east of the Schuylkill and south of Penn's main campus in University City, Carnaroli added. Penn has previously said this "South Bank" development, next to the FedEx truck terminal and across from a trash transfer station, will be sort of like the University City Science Center -- offices, labs, parking -- plus the added attractions of warehouses and "light industry."

Elsewhere: Penn Medicine continues to expand its feeder hospital network west of the city. "We've integrated Chester County Hospital. We're talking to the people in Lancaster," Carnaroli said. Penn also plans updates at its flagship hospital at 34th and Spruces Sts., where "the biggest project we have coming is the construction of a new pavilion next to Perelman Center."

Penn is cutting some spending: "We consumed less electricity last year than we have for 15 years, despite adding 1 million square feet of additional space," Carnaroli told the crowd.

He also blessed the rising stock market for boosting Penn's $6 billion endowment and "continuing to grow our resource base."