$160 Million Tower Adds to Student Housing Options in University City
By Veronica Grecu, Associate Editor
A University of Pennsylvania-owned site located at the corner of 30th and Chestnut Streets in Philadelphia’s University City district is being developed into a 33-story student housing tower in a team effort between Brandywine Realty Trust, Campus Crest Communities and Harrison Street Real Estate Capital.
Called The Grove at Cira Centre South, the project was designed to achieve LEED Gold Certification by local architect Erdy McHenry in consultation with master plan architect César Pelli. When completed, in fall 2014, the tower will serve students from various schools from the surrounding area, including University of Pennsylvania, Drexel University and several colleges and universities located in Center City Philadelphia and University City.
The project has a total cost of $158.5 million and it will be financed by a $97.8 million loan from PNC Bank, N.A., and Capital One, N.A. According to a press release from the development team, Campus Crest will act as property manager at the 850-bed upscale housing tower where leasing is expected to begin in fall 2013.
“We recognized the strong demand for graduate and undergraduate student housing in University City and selected Campus Crest for its proven operating platform and track record of success,” said Gerard H. Sweeney, president and chief executive officer of Brandywine.
Future residents will have access to a roof-top swimming pool, a media lounge, several study lounges, a 24-hour fitness center and hotel-like amenities such as coffee service, a library technology center and street level shops.
Rendering of The Grove at Cira Centre South via BusinessWire