SEPTA’s 30th Street Station is getting a new name and $3.1 million courtesy of Drexel University

Signs at SEPTA’s 30th Street Station will display a new station name in 2024: “Drexel Station at 30th Street.”

The change is part of a naming-rights agreement between SEPTA and Drexel University under which the university will pay the transportation agency $3.1 million to have exclusive rights to the name for five years, according to an agreement announced Thursday. The name change affects the station that serves the Market-Frankford Line and city trolleys near the William H. Gray III 30th Street Station.

“We’re so proud to partner with SEPTA to put Drexel University’s name on the station that serves as the gateway for so many of our students, faculty, professional staff, and community partners as they arrive on campus,” John Fry, Drexel president, said in a statement.

The 30th Street station is in the midst of a multimillion-dollar renovation, which secured $15 million in federal funds in 2018. Plans for the upgrade include new elevators, upgraded lighting, and safety and security features.

The agreement comes as SEPTA is facing an annual $240 million deficit in its operating budget starting next year. Agency officials said in September that if the state doesn’t provide more funding, riders could face a $3 fare and cuts to service.

“These naming-rights agreements are great opportunities for SEPTA to enhance service to the communities we serve and generate much-needed new revenues,” SEPTA board chairman Pasquale T. Deon Sr. said in a statement.

The last naming-rights agreement that SEPTA established was for Wawa Station last summer for $5.4 million for 10 years, according to an agency spokesperson.