Innovation Neighborhood: Progress
July 1, 2013 Update
Drexel has begun pursuing its vision to develop more than 12 acres of underutilized land near Philadelphia’s 30th Street Station into a transit-oriented live/learn/work neighborhood where partnerships between the University’s research enterprise and the region’s entrepreneurial community take root. This area will anchor the Innovation Neighborhood.
Real Estate Development Team
An internal development team aided by consultant Peter Longstreth, formerly of the Philadelphia Industrial Development Corporation, has drafted a Real Estate Development Plan for the Innovation Neighborhood that provides a preliminary strategy for developing 10 sites and 6.4 million buildable square feet from 30th to 32nd Streets and Market Street to JFK Boulevard. The strategy outlines the existing conditions of the sites, the potential economic impact of the development, financing incentives, prospective corporate and developer partners and recommendations for the next phase of planning.
Keystone Opportunity Zone
In December 2012, the Pennsylvania state legislature approved an expansion of the Innovation Neighborhood’s Keystone Opportunity Zone designation to include approximately 8 additional acres of land, providing an important tax abatement incentive to attract par tners to the project.
The Office of Corporate Relationships and Economic Develop is expanding and promoting Drexel Innovates, the University’s effort to present a welcoming “front door” to investors, inventors, entrepreneurs and businesses who want to partner with our research enterprise. Drexel Innovates—which includes the Innovation Neighborhood project, the Close School of Entrepreneurship and the ExCITe Center—is a way for the University to fuel innovation in Greater Philadelphia and beyond.