Source: Philadelphia Business Journal
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 withAmerican 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.
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