In the next few years, the Drexel footprint will have some room to breathe — about 14 acres. In February, the School District of Philadelphia selected Drexel’s proposal for acquisition of the site that formerly housed the now-vacant University City High school property at 36th and Filbert streets as well as the Charles Drew Elementary School and The Walnut Center. The deal closed in June.
The proposal submitted by Drexel and its joint venture partner, Wexford Science & Technology (developer of the University City Science Center), includes plans to develop approximately 2.7 million square feet of commercial, academic, research, office and residential space, as well as the potential for a K-8 school.
Upon full completion, the project will cost almost $1 billion and will have created 4,300 construction jobs. The new site is expected to house 3,700 employees and produce a substantial economic and fiscal benefit to both the city and Pennsylvania.
A 2013 study on the project’s impact on Philadelphia by the Econsult Corp. estimated that its impact would total $1.2 billion in expenditures and $11.2 million in tax revenues during construction. after the project’s completion, Econsult estimated it would contribute $711 million a year in total expenditures and $20 million in total tax revenue to the city, plus an additional $7 million of tax revenue to the School District of Philadelphia.