Although it’s no doubt been in development for some time, the 361,200 square-feet of mixed-use student housing and retail space at Drexel University in Philadelphia set to get started February 21 adds another bright spot in construction starts, and signals an interesting collaboration between private and public.
The project will transform Chestnut Street between 32nd and 33rd Streets into a new gateway for Drexel and University City. The building design includes 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. Upper floors will hold student apartments with both shared and private accommodation options.
The development was structured via American Campus’s American Campus Equity (ACE®) program 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. The university President, John A. Fry remarked on the partnership and the project saying:
This innovative partnership combining dynamic urban retail with high-quality student housing will serve as a catalyst in continuing the revitalization of our campus and surrounding community. We look forward to partnering with American Campus Communities to create a more vibrant gateway to University City.
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.
About American Campus Communities – American Campus Communities, Inc. is the largest owner and manager of high-quality student housing communities in the United States. The company is a fully integrated, self-managed and self-administered equity real estate investment trust (REIT) with expertise in the design, finance, development, construction management, and operational management of student housing properties. American Campus Communities owns 119 student housing properties containing approximately 74,100 beds. Including its owned and third-party managed properties, ACC’s total managed portfolio consists of 149 properties with approximately 98,000 beds. Visit www.americancampus.com orwww.studenthousing.com.