New Development Project Planned For University City
By Ian Bush
PHILADELPHIA (CBS) -- It's called Schuylkill Yards: a multi-billion development project in University City including eight new high-rises and a new public square along Market Street, just west of 30th Street.
Drexel is behind the 20-year plan that is designed to create a neighborhood built around innovation.
"This is where ideas will converge."
Bounded by the Schuylkill River, Drexel's campus, and 30th Street Station.
"The media around the country will have to learn how to pronounce and spell Schuylkill," said Jerry Sweeney, CEO of Schuylkill Yards developer Brandywine Realty Trust.
"It'll include offices, retail, residential, amazing and thoughtful public spaces."
"To attract businesses and residents who are committed to innovation," said Drexel president John Fry.
Fry says Schuylkill Yards is not a walled garden: its neighbors in Mantua and West Powelton will benefit from jobs and better educational opportunities.
"Inclusion is at the heart of this project. It's not a side benefit," said Fry.
He hopes for construction to begin later this year.
Bruce Katz with the Brookings Institution says Drexel's plan sets 'a new bar for urban universities in spurring economic growth.'
"You have earned the right to brag in Philadelphia," said Katz.
