PHILADELPHIA: Drexel's Biggest Ever
Speaking of ACC, it just broke ground on the largest project in both Drexel University and ACC history. The $170M, 24-story development is in University City and will feature student housing, retail, and a dining center. ACC CEO Bill Bayless tells us the project was sparked by a speech Drexel's President Fry gave on April 14, 2011. Bill was struck by his transformative vision and the enormity of what he hoped to accomplish and immediately decided he wanted to be part of it. (To every student who ever zoned out during a Fry lecture, see what you're missing?)
Despite the project's size—580k SF with housing for 1,300 students and room for 11 retailers totaling 20k SF—Bill says there haven't been any challenges. The team hopes the development will ignite a revitalization of the commercial corridor along Lancaster Avenue. ACC will manage and operate the facility under a ground lease with Drexel; when it expires, ownership will revert back to the university. Solomon Cordwell Buenz Architects handled design and Hunter Roberts Construction is the GC. The community will deliver in fall 2015. Econsult predicts the economic impact of the upfront construction is $240M.
