Drexel in late June purchased a 3.6-acre lot on John F. Kennedy Boulevard that will one day become a new gateway to campus. The 156,234 square-foot property, purchased for $21.8 million, is currently used as a parking lot, and will give Drexel flexibility as it continues to change the face of University City.
“This acquisition is a major investment in the University’s future,” said President John A. Fry. “The prime location of this site will significantly enhance Drexel’s capacity to be a powerful engine for regional economic growth.”
Plans for the development of the land are still preliminary. Potential uses of the site include the growth and expansion of the University’s academic and student life facilities, the development of commercial spaces for retail and office use and the opportunity to build a major research and technology transfer hub.
The acquisition supports Fry’s vision for Drexel to become one of academia’s most powerful engines for neighborhood improvement and regional economic growth. Neighborhood initiatives include expanding security patrols around campus, sprucing up the city streets, providing financial incentives for employees to buy homes within key neighborhoods in West Philadelphia, adding more housing for students, partnering with neighborhood public schools and developing retail space on major streets to serve Drexel and its surrounding communities.