PHILADELPHIA—After working out a deal with city officials, Drexel University is scheduled to close on Monday on the $25 million purchase of the former University City High School.
On Thursday, the City Council approved amendments to a bill regarding the zoning of the 14-acre property that limits future development building height to 65 feet. The original legislation set the height limit at 75 feet, according to PlanPhilly. The revised bill is expected to be voted on next week prior to the City Council’s close of session for summer break.
Drexel is looking to acquire the shuttered school property, demolish the buildings and replace them with a $1-billion mixed-use development of residential and commercial buildings.
Peter F. Kelsen, a lawyer representing Drexel, told the Inquirer, “We’ve been earnestly trying to talk to the community about this as soon as we understood we had the transaction. It’s not being rushed. I think the parties worked closely and diligently as we had before to try and reach an agreement.”
Drexel has agreed to keep clean any undeveloped portions of the site as it undertakes its redevelopment of the site and has also agreed to establish neighborhood-serving retail uses on Lancaster Avenue and Powelton Avenue. See story at PlanPhilly.