PHILADELPHIA — Drexel University is planning a major retail and residential development for its students in Philadelphia.
University President John Fry announced details of the nearly $98 million project on Friday.
He says the campus development will include a pair of eight-story buildings and a 19-story residential tower. The structures will include stores, restaurants and about 860 student beds.
American Campus Communities will develop, own and manage the property in the University City neighborhood. The Texas-based company has a long-term ground lease with Drexel.
Fry said in a statement that groundbreaking is scheduled for Feb. 21. Construction is expected to be completed by September 2013.
Drexel is a private university serving about 23,500 students. -- (AP)
