Thursday, March 26, 2015

Drexel closes on sale of UCHS

Drexel University officially closed on the purchase of University City High School today for $25 million.

Drexel closes on sale of UCHS

The letters on the map indicate potential buildings Drexel may construct on the massive University City High School site. The university closed on the sale from the school district on Monday.
The letters on the map indicate potential buildings Drexel may construct on the massive University City High School site. The university closed on the sale from the school district on Monday.

Drexel University officially closed on the purchase of University City High School today for $25 million.

That is great news for the School District of Philadelphia, which needs the proceeds from the purchase to help it pay its bills by the fiscal year’s end.

Drexel's plans for development, however, are contingent on the passage of Councilwoman Jannie Blackwell’s zoning bill this week, which would lift restrictions on height limits for buildings and other provisions that would clear the way for the university's next venture.

Blackwell is confident her bill has the full support of City Council, which wraps up for the season this Thursday.

Drexel plans to develop the 14-acre site into new residential, retail, laboratory and recreational spaces, along with a potential K-8 public school, carrying a pricetag of about $1 billion in investments.

 

About this blog
William Bender, a Drexel graduate who landed at the Daily News in 2007, has covered everything from South Philly mobsters to doomsday hucksters. He occasionally writes about local food trucks and always eats everything on his plate, whether it be a bloody rib eye or a corrupt politician. E-mail tips to benderw@phillynews.com
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David Gambacorta, has been a reporter with the Daily News since 2005, covering crime, police corruption and all of the other bizarre things that happen in Philadelphia. Now he’s covering the 2015 mayor’s race, because he enjoys a good circus just as much as the next guy. He’s always looking to get a cup of coffee. Send news tips and other musings on life to gambacd@phillynews.com
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