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Drexel to Upgrade Armory During Three-Year Lease Agreement

PHILADELPHIA-Over the next three years, the university gets free rent in

By Marita Thomas | Updated on March 13, 2003

PHILADELPHIA-In an unusual agreement, locally based Drexel University inks a three-year lease with the state for the Philadelphia Armory, which is located at 33rd St. and Lancaster Ave., in the midst of its expanding campus. During the term, for which Drexel will pay no rent, the university will begin to upgrade the historic 1916 building, and the state’s 103rd engineering battalion will look for new headquarters.

Long-term plans, being developed by the university and the Pennsylvania Department of Military and Veterans’ Affairs, call for complete renovation of the Armory into a convocation center for civic events and a basketball arena for Drexel. The university’s ROTC program, a National Guard recruiting station, and an existing museum will remain housed at the Armory.

The agreement gives Drexel the option of taking over the Armory after three years, providing that, during that time, it raises ample funds to fully restore the property. The cost of restoration is estimated to exceed $10 million. Restoration of the Armory is part of the university’s ongoing effort to invest a reported $260 million in expansion and upgrading of the more than 50 buildings on its 60-acre campus.

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