$97.6M Construction Project Commences at Drexel University
Posted February 3, 2012
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The space on Chestnut St between 32nd and 33rd Streets will soon become a new gateway for Drexel University and University City featuring approximately 361,200 square-feet of mixed-use student housing and retail space.
A groundbreaking event for the $97.6 million project is scheduled for February 21, with a targeted construction completion date of September 2013, according to Drexel University President John A. Fry.
The development was structured via the American Campus Equity (ACE) program from American Campus Communities' (NYSE: ACC), under which the company will develop, own and manage the project through a 70-year ground lease structure and make annual ground rent payments to Drexel.
Designed by Robert A.M. Stern Architects, the development will include two eight-story buildings that front Chestnut Street while maintaining an open entry corridor to the adjacent Creese Student Center.
The building design will also include a 19-story residential tower at the corner of Chestnut and 32nd streets. The two-story street-level space will include retail outlets, neighborhood restaurants, and a new corner entry into the Barnes and Noble - adding to student life in an urban setting. Upper floors feature student apartments with both shared and private accommodation options.
About 860 beds of high-quality housing will be available for students. Student residents may select from a variety of unit types, including shared accommodations in a two-bedroom/two-bathroom design or private accommodations in two unit options - a four-bedroom/two-bathroom apartment and an innovative four-bedroom/two-and-a-half-bathroom townhome configuration with in-unit washers and dryers.
The development includes a 14,800-square-foot community center with space for residence life operations and student amenities that include a social lounge with gaming area, a fitness center furnished with modern workout equipment, meeting space, a theater and laundry facilities.
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