There’s no mistaking it: this is a time of change—dramatic change—for Drexel.
Even before President John Fry finalized his Strategic Plan for the University in mid-February (see sidebar), the incredible physical changes to campus that Fry is pushing forward had already begun. The Padadakis Integrated Sciences Building opened to great fanfare in September, ground was broken on the planned new LeBow College of Business building in October, and progress has continued on the renovation of the historic URBN Center, which will open this fall and serve as the beautiful and stylish new home of the Antoinette Westphal College of Media Arts & Design.
In January, meanwhile, Drexel made public its plans for yet another major project, as Fry joined with officials from both the University and American Campus Communities, a national developer of university projects, to kick off construction of Chestnut Square, a $97.6 million, 361,200-square-foot student housing and retail development that will completely transform Drexel’s Chestnut Street gateway and greatly increase the University’s ability to house its growing student population.
Designed by internationally acclaimed Robert A.M. Stern Architects, the development will include two eight-story buildings that front Chestnut Street while maintaining an open entry corridor to the adjacent Creese Student Center. The broad use of glass at the street level combined with limestone will continue Drexel’s progress toward creating a pedestrian-friendly, mixed-use campus district enlivened by retail amenities. Stern Architects were the creative force behind such high-profile projects as the Comcast Center and Philadelphia Navy Yard in Philadelphia, and are also the lead designers on the LeBow building.
Stern’s building design for Chestnut Square includes a 19-story residential tower at the corner of Chestnut and 32nd streets. The two-story, street-level space will include retail outlets, neighborhood restaurants, and a new corner entry into the Barnes & Noble—activating student life in an urban setting. Upper floors feature student apartments with both shared and private accommodation options.
The project is expected to be completed by the Fall of 2013. “This innovative partnership combining dynamic urban retail with high-quality student housing will serve as a catalyst in continuing the revitalization of our campus and surrounding community,” Fry said in announcing the project. “We look forward to partnering with American Campus Communities to create a more vibrant gateway to University City.”
Added Bill Bayless, CEO of American Campus Communities: “We are thrilled to be partnering with such a prestigious institution of higher learning such as Drexel and assisting President Fry in achieving his vision for the University. This transaction stands as an example of a premier university benefiting from private sector investment to deliver world-class housing to its students while preserving its own debt capacity for core capital projects.”
About 860 beds of high-quality housing will be available for students at Chestnut Square. The development includes a 14,800-square-foot community center with space for residence life operations and student amenities that include a social lounge with gaming area, a fitness center furnished with modern workout equipment, meeting space, a theater and laundry facilities.
Under terms of the development deal, ACC will develop, own and manage the project through a 70-year ground lease structure and make annual ground rent payments to Drexel.