Drexel Churns Out Mixed-Use
Drexel is gettingan immediate$266Minvestment for two projects fromAmerican Campus Communities. It's big deals like this that have us excited forBASH(Bisnow Annual Student Housing Summit) coming May 22-23. Here's more on the Drexel sites--though you can certainly ask follow-ups next month.
ACC is fully funding the projects,EVP Jamie Wilhelm tells us. It will build, own, and operate both towers, which are on university land. Theres clearly demand for product: Chestnut Square, an 861-bed combo of townhomes and apartments, will deliver in August and is already 100% pre-leased. (The one example in human history of students not procrastinating.) It has a mixed-use component, and a half-dozen retailers have committed.
Arendering of Chestnut Square. Next is a 1,316-bed community on Lancaster Avenue at 33rd.It will break ground this fall, with student apartments and modern suite-style units.Jamie says Drexel needs more housing for its sophomores, which it hopes will free up nearby homes for single-family use. The Lancaster community will also have mixed-use, including a new university dining facility. Jamie tells us ACC owns University Crossings, a property between Chestnut Square and Lancaster, and is exploring the option of including it in the partnership. If you come toBASHin Philadelphia, Jamie says hed love for you to ask him about the projects. So register now!
