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 acquired with its partner, Baltimore developer James R. Berens' Wexford Science & Technology LLC, for $25.15 million. Berens is also the developer of the nearby 3737 Market St. tower for the University City Science Center.
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.