Nonprofit will establish first charter high school to focus on performing arts
3/30/2013 | Real Estate Blog
The former GlaxoSmithKline North American headquarters in Philadelphia will soon become the site of a new performing arts charter high school. DeMedici Corporation II, a non-profit organization connected with the Philadelphia Performing Arts Charter School has agreed to purchase the eight-story building for $29 million to establish the String Theory High School for the Arts and Sciences, the first charter high school in the city to focus on the performing arts. Liberty Property Trust is the current owner and operator of the building.
DeMedici will reportedly finance the development project with tax-exempt bonds from the Philadelphia Authority for Industrial Development. The charter high school is set to open this coming fall with 350 ninth graders and will add one grade each year until 1,400 ninth through 12th graders are enrolled for the 2016-17 school year.
The current plan calls for making upgrades of between $10 million and $12 million to the the 225,000-square-foot building for a theater, performing arts studios, science labs, television and motion-capture studios, and an automotive engineering lab
Sting Theory High, in addition to focusing on performing arts, will also focus on science and technology. Students will have the opportunity to choose from seven areas of study: vocal music; instrumental music; ballet, theater, television, and broadcast arts; foreign languages; digital design and communication arts; and innovations in science and technology.
As we’ve mentioned in a previous post, Glaxo will be moving its headquarters to a new building in the growing Navy Yard area.
Source: Philadelphia Inquirer, “DeMedici II will buy former GlaxoSmithKline building for new String Theory School,” Martha Woodwall, March 28, 2013