PHILADELPHIA—Drexel University is looking to retain a master developer for its 10-acre “Innovation Neighborhood” in University City here that could eventually house 5 million square feet of newly developed space.
Drexel has retained JLL to assist the university in its search for a master developer for the project that would see new development next to Drexel's main campus and adjacent to 30th Street Station, according to the Philadelphia Business Journal.
Proposals from prospective developers are due Oct. 31. Between February and April of 2015 Drexel expects an agreement that would include a 99-year ground lease on the land to be finalized. The master developer will be responsible for marketing the project to “pioneering organizations and advance America's next great innovation district,” Drexel said in a statement.
“Such transformative ideas are best achieved with strong comprehensive partnerships,” states Drexel President John A. Fry. “Drexel envisions a partnership with a world-class developer who will share and expand the university's vision to redefine the gateway to University City with a blend of education, research, commercial, retail, hospitality and residential uses.” See story in the Philadelphia Business Journal.
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