A new $3.5 billion neighborhood development named Schuylkill Yards, that aims to create a community focused on innovation was unveiled by Drexel University and Brandywine Realty Trust on Wednesday, writes Natalie Kostelni for the Philadelphia Business Journal.

Construction of the development spanning over 14 acres will take place over the next two decades and when completed, will comprise of five million square feet of residential, educational, business and open space. It represents a bold vision that will, through the creation of its mixed-use neighborhood, connect what was previously a desolate area with other anchors and at same time offer a variety of green and open spaces while providing the area with another economic engine.

“We’re always looking for game-changing projects and this project, Schuylkill Yards, is a game changer for the city, the region and a game changer for the commonwealth of Pennsylvania,” said state Senator Anthony Williams. “The innovation will have a national impact.”

The project will also help Drexel University become one of the most innovative and competitive schools in the nation, a road laid out for it by its President John A. Fry. During the unveiling of the plans, Fry made sure to emphasize how important he thinks this project is for Philadelphia.

“This is a concept that is synonymous with Philadelphia’s growth,” he said. “We are on the 50-yard line on the East Coast.”

Jerry Sweeney, Chief Executive Officer of Brandywine Realty Trust said that the Radnor based trust just started the approval process. The project will consist of both existing buildings that will be redeveloped and incorporated into the new neighborhood as well as new construction.

The cornerstone of the entire project will be Drexel Square, a park of 1.3 acres located at 30th and Market streets that will be constructed directly across from the 30th Street Station, on what is currently a surface parking lot. The former Bulletin building will also be renovated and given a new façade with work on both of these stages of the project expected to start this year.