FILE: College campus generic
As reported in the Wall Street Journal, there's a skyscraper on the horizon in Philadelphia. But it's not for offices or luxury homes. While not exactly intended for a frat house, it will be housing college students.
Campus Crest Communities Inc., Brandywine Realty Trust, and Harrison Street Real Estate Capitol have joined forces to build a student housing tower for college kids.
The building, expected to be complete in 2014, will serve students from the University of Pennsylvania and Drexel University, and will have 33 stories and 850 beds. The deal was struck for $159 million.
The project is part of Brandywine's Circa Centre South, a multi-use development in Philly's University City area. It's new territory for Campus Crest, which usually has focused on low-rise development in smaller markets like Clarksville, Tennessee and Troy, Alabama.
"It opens a whole new avenue for us to be on urban campuses," said Campus Crest Chief Executive Ted Rollins.