DeMedici II Will Buy Former GlaxoSmithKline Building For New String Theory School

Map of Pennsylvania highlighting Philadelphia ...

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

A new performing arts charter high school says it has sealed a deal to open in the fall at GlaxoSmithKline‘s former North American headquarters at 16th and Vine Streets.

Under terms that will be announced Thursday, a nonprofit associated with the Philadelphia Performing Arts Charter School has agreed to buy the curving, eight-story building for $29 million for the String Theory High School for the Arts and Sciences.  It will be the first charter high school in the city focused on the performing arts.

The nonprofit, DeMedici Corporation II, expects to finance the property with tax-exempt bonds from the Philadelphia Authority for Industrial Development (PAID), according to Mary D’Anella, spokeswoman for String Theory Schools, which manages the charter.

“It’s the most exciting high school this city has opened in a generation,” said Angela Corosanite, chief executive officer of the nonprofit String Theory, and founder of it and the Philadelphia Performing Arts Charter School.

Read more:  http://www.philly.com/philly/education/20130328_DeMedici_II_will_buy_former_GlaxoSmithKline_building_for_new_String_Theory_School.html