Drexel University says it plans to attract around $1 billion
in financing to build housing, stores, labs, offices, parking and maybe a
public school on 2.7 million square feet (more than double the size of
Philadelphia's tallest building, the Comcast tower) at the 14-acre former
School District of Philadelphia campus it has acquried with its partner,
privately-held Wexford Science & Technology LLC.
The property, on the north side of Market St. just west of
the University, was home to University City High School, Charles Drew
Elementary School and Walnut Center. Drexel plans "residential, retail and
recreational space as well as laboratory and research office space and
parking," and may also build a K-8 public school, the university said in a
statement. President John Fry called it "an exciting and rare opportunity
to convert an underutilized and vacant property into a vibrant center" for
Drexel and its community.
Some 3,700 people will work on the site once it's all built
out, according to Fry, and 4,300 workers will be hired at various stages in
project construction, producing "substantial economic and fiscal
benefits," according to Drexel.
“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," Wexford
vice president Joseph Reagan said in a statement. More project propaganda here.
Source: Philly.com
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