Philadelphia — A groundbreaking on a $97.6 million development partnership between American Campus Communities and Drexel University will take place Feb. 21. The project, financed through ACC’s equity program, ACE, will result in a 361,200-square-foot housing and retail mixed-use building in University City.
ACC will develop, own and manage the project through a 70-year ground lease structure and make annual ground rent payments to Drexel.
The project is designed by Robert A.M. Stern Architects in association with Voith & Mactavish Architects and it includes two eight-story buildings that front Chestnut Street, while maintaining an open entry corridor to the adjacent Creese Student Center. The broad use of glass at the street level combined with limestone will continue Drexel’s progress toward creating a pedestrian-friendly, mixed-use campus district enlivened by retail amenities.
The building design will also include 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 feature student apartments with both shared and private accommodation options.