What are we doing?
WFS is exploring the construction of a state-of-the-art lower school building on our main campus. To facilitate our vision for our next 275 years—and our commitment to long-term growth and excellence—we have been rigorously and thoughtfully exploring the opportunity to sell the property where the lower school current stands. To that end, we have entered into an agreement of sale with Incyte for the lower school property.
Why are we considering this?
During the last few years, as part of our ongoing strategic and facility planning, we created a Campus Master Plan for our campuses. This work identified and prioritized capital and renovation needs in the current lower school building. As we prepared to raise funds to support the lower school campus work, the idea of this opportunity with Incyte began with informal conversations, which led both parties to seeing benefits of the transaction and agreeing to sit down and talk.
What is the sale price for the property and how will proceeds be used?
In October 2019, Wilmington Friends School entered into an agreement of sale with Incyte Corporation for Incyte to purchase about 20 acres of our lower school property for $50 million. Contingent on the close of the sale, this would allow us to build a state-of-the-art lower school on our middle/upper school campus. This might also make it possible for us to implement improvements to our middle/upper school building, and, in concert with current fundraising initiatives, grow our endowment to support students, faculty/staff, and families.
Is WFS selling the lower school property because of a financial situation?
No. Wilmington Friends School is financially solid. The Board and School have a responsibility to explore opportunities that could advance the mission and long-term vision and future of the School. This agreement aligns with our mission and long-term vision for the School and we are excited to be moving forward.
What might WFS gain?
A transaction of this nature would benefit students in all divisions—now and in the future— and helps us more quickly realize many elements of our future vision and mission by:
- Allowing us to reimagine our lower school facility and programs with a new building
- Unifying our campuses for increased efficiency, flexibility and community
- Making a significant investment in our endowment
- Allowing us to more quickly address needs identified in the Campus Master Plan, including renovations to the middle/upper school campus
Growing our endowment in a significant and immediate way could be transformative, advancing and aligning with many of our core Quaker values, providing:
- Financial aid to support WFS’s ability to serve students at all socio-economic levels
- Investment that enables attraction, support and retention of the best faculty and staff
- Funds and facilities to support expanded program options, opportunities for innovation and more interdivisional collaboration
What happens next? What can we expect?
In reviewing and reflecting on this opportunity, the Board has held extended discussions and is doing due diligence. The School is still fully maintaining the current, thriving lower school building and programs. Once construction of the new building begins, we will have two years to complete it, during which time our current lower school property will not be affected except the ASP building, and we will have a temporary location for ASP.
What are the buyer’s/Incyte’s plans for the current lower school campus?
Any potential development plans for the WFS lower school property are at an exploratory stage. Any proposed development on the property would occur following the completion of the new Wilmington Friends lower school, which is estimated to be in the 2024-25 school year.
Are there contingencies with the sale of the lower school property?
Yes. The sale of the lower school property is not final. There are a number of contingencies that must be cleared by our school--and by Incyte--before we can proceed, including zoning requirements, feasibility and traffic studies, and community review and approval. While we are optimistic that we can meet these contingencies, there is always a chance that these contingencies will not be met.