PARTNERSHIP BREAKS GROUND ON $170M STUDENT HOUSING PROJECT

PHILADELPHIA — Drexel University and American Campus Communities have begun construction on a 580,000-square-foot, 24-story student housing project in Philadelphia. The $170 million development, located on Lancaster Avenue and 34th Street, will include apartments and suites for more than 1,300 students. The property will include 20,000 square feet of retail divided into 11 locations at the street level, as well as a student and community-dining center. American Campus will manage and operate the facility under a ground lease agreement with Drexel, and at the end of the lease term, the ownership will revert back to Drexel. The firm Solomon Cordwell Buenz Architects designed the new building that will be constructed by the Hunter Roberts Construction Group. The project is slated for a fall 2015 completion.