Drexel University is moving forward with a $170 million,
24-story residential building on Lancaster Avenue and 34th Street in
Philadelphia.
The school is doing the project with American Campus
Communities and will be the largest project that both Drexel and American
Campus Communities have individually embarked on.
The university is scheduled to hold a ceremonial ground
breaking tomorrow on the structure that will total 580,000 square feet. It will
have room for 1,300 students and 20,000 square feet of space of retail space as
well as a student and community dining center. American Campus will manage and
operate the facility.
Solomon Cordwell Buenz Architects designed building. Hunter
Roberts Construction Group is the contractor. It is scheduled to be completed
in the fall of 2015.
This is the second construction project Drexel has done with
American Campus.
Last year, the school and American Campus began construction
on a $97.6 million on a 361,200-square-foot mixed-use project on Chestnut
Street between 32nd and 33rd streets called Chestnut Square. It also has a mix
of student housing and retail space.
In another venture together, American Campus donated to
Drexel land, sub-surface and air rights to a residential building known as
University Crossings, which sits next to Drexel’s main campus. Under the
arrangement, American Campus manage the $68 million site under a ground lease
agreement with Drexel and will conduct a $22 million renovation to the
building.
Source: Philadelphia
Business Journal
No comments:
Post a Comment