Drexel University is
scheduled to announce Wednesday afternoon that it is partnering with Brandywine Realty Trust for the development of
its Innovation Neighborhood.
Drexel sought a master
developer for its so-called Innovation Neighborhood, a 10-acre swath in
University City that, when built out, could have more than 5 million square
feet of new space. It would be an investment that would cost billions of
dollars once completed and take years to execute.
It would be transformative
for Drexel and Philadelphia, and add to the city’s position as a place for
innovation.
The idea for the Innovation
Neighborhood is a game changer for Drexel and goes toward its goal of becoming
among the most competitive universities in the country. It would also continue
to position Philadelphia as a major research and innovation hub along the East
Coast and compliment plans by the University City Science Center and the University of Pennsylvania to expand
innovation districts around its campuses.
The area that would be
developed is next to Drexel’s main campus and adjacent to 30th Street Station.
Although it’s in University City, it sits at the foot of Center City and its
Central Business District.
Drexel started the process to
identify a master developer in the fall of 2014 and Brandywine (NYSE: BDN) was
always believed to be the company that would most likely be chosen because of
its ongoing development already in and around 30th Street Station. Brandywine
constructed Cira Centre, Evo and is building the FMC Tower at Cira South.
The master developer will be
charged with marketing the project to “pioneering organizations and advance
America’s next great innovation district,” the school had previously said.
Source: Philadelphia
Business Journal
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