Wednesday, August 5, 2015

Confirmed: Brandywine picks N.C. firm to build $158M student high-rise at Penn

Says Brandywine Realty Trust

Confirmed: Brandywine picks N.C. firm to build $158M student high-rise at Penn

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As I reported last week - though the principals weren't saying anything publicly - Brandywine Realty Trust, Radnor, put out a statement last night confirming it has joined Campus Crest Communities to build a high-rise student tower at 2930 Chestnut St. on ground leased from the University of Pennsylvania. 

The joint venture - 40% owned by investor Harrison Street Real Estate, the rest split by Brandywine and Campus Crest - will rise 33 stories (the site is permitted for 36), sleep 850 students (not counting guests), and cost $158.5 million (with $97.8 million lent by banks led by administrator PNC and syndicator Capital One).

Brandywine expects Drexel students as well as Penn students will live in the tower, dubbed The Grove at Cira Center South (Cira North is the office building by 30th St. Station). The building would draw students toward the campus neighborhood and away from the West Philly and Center City housing where they've been proliferating for decades. 

Campus Crest is based in Charlotte. An earlier version of this item wrongly said it was based in Georgia.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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