Tuesday, February 9, 2016

Drexel plans 24-story, $170M tower at 34&Lancaster

Another UCity tower

Drexel plans 24-story, $170M tower at 34&Lancaster

0 comments
The proposed tower will be built at the corner of 34th Street and Lancaster and Lancaster Avenue, at the site of Hess Laboratory and a parking lot. (Artist´s rendering courtesy of Drexel University)
The proposed tower will be built at the corner of 34th Street and Lancaster and Lancaster Avenue, at the site of Hess Laboratory and a parking lot. (Artist's rendering courtesy of Drexel University)

Drexel University plans a groundbreaking tomorrow for a new $170 million, 24-story, 580,000 sq ft building that will house 1,300 students and 11 stores, at 34th St. and Lancaster Ave. Drexel is joining developer American Campus Communities on the project; that company is also building the Chestnut Square high-rise at 32nd and Chestnut a short walk away. American Campus will manage the Lancaster Ave. building, Drexel will lease it and eventually own the building. Drexel says the project will create around 850 construction jobs.

In a statement, Drexel President John Fry called it the biggest building the school has built -- and the biggest for American Campus, which builds student housing around the U.S.. Solomon Cordwell Buenz Architects designed the building, Hunter Roberts Construction Group will build it, completion scheduled for fall 2015.

As part of the deal, American Campus has donated to Drexel the land and air rights to the University Crossings apartments next to the Drexel Campus. Drexel estimates the value of that building at $68 million; American Campus plans a $22 million renovation.

More coverage
Brandywine to build 47-story W. Philly tower
0 comments
We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
Help us moderate this thread by flagging comments that violate our guidelines.

Comment policy:

Philly.com comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by Philly.com staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Read 0 comments
 
comments powered by Disqus
About this blog

PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, 215.854.5194, @PhillyJoeD. Read his blog posts at http://www.philly.com/PhillyDeals and his Inquirer columns at http://www.philly.com/philly/columnists/joseph-distefano/. Bloomberg posts his items at NH BLG_PHILLYDEAL.

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

Joseph N. DiStefano
Also on Philly.com:
letter icon Newsletter