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.