DREXEL TO BREAK GROUND ON $97.6M MIXED-USE DEVELOPMENT

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PHILADELPHIA — Drexel University will break ground this month on a $97.6 million mixed-use project at the Philadelphia-based school.Drexel entered into a partnership with Austin-based American Campus Communities to construct 361,000 square feet of student housing and retail space on land it owns on Chestnut, between 32nd and 33rd streets. Under the agreement, American Campus has a 70-year ground lease with Drexel and will also manage the property. Designed by Robert A.M. Stern Architects, the development will include a 19-story residential tower and two eight-story, mixed-use buildings. The project is slated for completion in September 2013.

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