Drexel Breaks Ground On $97.6 Million Development

Drexel University breaks ground on a $97.6 million mixed-use development that will establish a new gateway to the school on Chestnut Street and be among the first projects that begin to transform its urban campus.  This rounds the completion of the universities 2007-2012 master plan and the beginning of its second five year phase.

The University entered into a private partnership with American Campus Communities of Austin, Texas, to construct three buildings totaling 361,200 square feet on land it owns on Chestnut between 32nd and 33rd streets.  The agreement gives American Campus a 70-year ground lease with Drexel and managing authority of the property.

The inaugural event will take place on February 21, 2012 with completion set for September 2013.  Two eight story buildings will be constructed along Chestnut Street and a 19 story residential tower will be built at the corner of 32nd and Chestnut.