Drexel University City
Development, LLC, the joint venture between Drexel and Wexford Science &
Technology, LLC, officially closed today on the purchase of a 14-acre site from
the School District of Philadelphia that formerly housed the University City
High School, the Charles Drew Elementary School and The Walnut Center.
“This development project
aligns perfectly with our commitment to serving as an engine of economic growth
and development in West Philadelphia and with our desire to improve public
education in the neighborhoods surrounding our campus,” said John A. Fry, president
of Drexel University. “It represents an exciting and rare opportunity to
convert an underutilized and vacant property into a vibrant center of activity
that will meet the needs and achieves the priorities of the surrounding
community.”
The development plan for the
site totals more than 2.7 million square feet and includes a potential K-8
public school surrounded by residential, retail and recreational space as well
as laboratory and research office space and parking. Upon full completion, the
project will cost almost $1 billion, will have created 4,300 construction jobs,
will house 3,700 employees and will produce substantial economic and fiscal
benefits to both the City and the Commonwealth.
“Wexford Science &
Technology is excited about partnering with Drexel to continue the
transformation of the University City neighborhood into a model Innovation
District for the community and entire city of Philadelphia,” said Joseph
Reagan, vice president of Development for Wexford Science & Technology
in Philadelphia. “Our vision for the University City High School site is to
develop a dynamic mixed-use site that brings together residential, retail and
new laboratory and office space surrounding public open space that the entire
community will be proud to be in their backyard.”
During construction, Econsult
estimates the Philadelphia impact to include $1.2 billion in total
expenditures; 4,300 jobs; and $11.2 million in total tax revenues. After
completion, Econsult projects an annual Philadelphia impact of $711 million in
total expenditures; 5,600 in total jobs; $20 million in total tax revenue to
the city and an additional $7 million of tax revenue to the School District of
Philadelphia.
Drexel’s partner in the joint
venture, Wexford
Science and Technology LLC, is one of the largest providers of real
estate solutions to for-profit and not-for-profit institutions, including
universities, university-related research parks and health care systems.
Wexford collaborates with its
client institutions to create and build Knowledge Communities, which are vibrant,
mixed-use, amenity-rich environments where innovation thrives.
Source: Drexel.edu
No comments:
Post a Comment