UD President Patrick Harker made the announcement in a release today, after nearly 20 months of discussions and negotiations.
Concept development plans for the property are focused on creating a research and technology campus.
"In addition, we are beginning the process of evaluating existing facilities on the site in order to ascertain opportunities to reuse or recycle structures," Harker said. "Our goal over time is to construct high performance facilities that support the University's Climate Action Plan and restore portions of the land and natural features, such as ideally revealing Silver Brook Stream."
The University's early plans for the space suggest the area will be used for UD's emerging research partnerships with the Army, the Delaware Health Sciences Alliance, and several University research centers and institutes.
The decommissioning process was commenced before closing and will be completed shortly. Salvage and demolition operations will start sometime in the spring 2010.