Drexel University has announced it will build a 24-story, mixed-use building at Lancaster Avenue and 34th Street.
The new building, which will total 580,000 square feet, will house apartments and suites for more than 1,300 students, 20,000 square feet of retail space, and a student and community dining center.
Drexel will partner with American Campus Communities on the project. It will be the largest-ever undertaking for both the school and the developer.
Completion is scheduled for fall 2015.
“We believe this development will be the genesis of a revitalized commercial corridor along Lancaster Avenue serving the university and its neighbors,” Drexel President John A. Fry said in a press release issued Thursday announcing the new building. “We’re pleased to partner with American Campus again as we fulfill our commitment to drive economic growth and improved quality of life in the city.”
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American Campus will manage and operate the facility under a ground lease agreement with Drexel. At the end of the lease term, ownership will revert back to the school.
Solomon Cordwell Buenz Architects designed the new building, which will be built by Hunter Roberts Construction Group.