The Chicago Park District acquired the site of this playlot in 1972 with the help of the U.S. Department of Housing and Urban Development. In 1998, the property was officially designated Drexel Park, after nearby Drexel Boulevard, which is in turn named for the prominent Philadelphia banking family of the same name. Family patriarch Francis M. Drexel (1792-1863) owned substantial property in what is now West Englewood. Drexel presented another large tract - this one further east - to the South Park Commission for use as parkland. After Drexel's death, his sons Francis A. (1824-1888) and Anthony J. (1826-1893) donated a fountain commemorating their father. The fountain, erected in 1882, still stands at 51st Street, in Drexel Square.

Located in the West Englewood community, Drexel Playlot Park totals 0.31 acres and is an ideal location for families to spend a portion of their day relaxing and enjoying the outdoors. This park contains a playground with swings, slides, along with benches to enjoy a picnic.