Radnor Property Group and Drexel University broke ground May 11 on Vue32, a 16-story residential building that will also contain the campus’s first childcare facility and a community plaza. Located at 3201 Race Street, the project will ultimately consist of one multi-purpose tower and three townhouse condominium buildings for a total of more than 175,000 square feet.
This $56 million installation is located on Drexel’s property but is funded solely by the developer. Its residential facilities are intended to accommodate students, faculty and professionals in the University City area, and Radnor Property Group is working under a long-term ground lease agreement that absolves Drexel of any financial investment. The construction is funded by Santander Bank with equity capital supplied by American Realty Advisors. When complete, the development will be managed by Bozzuto Management Company.
The tower will contain parking underground, a preschool on the first and second floors, a fitness center, 164 apartments of various sizes for rent, a game room, a library, a fully-equipped communal kitchen, and a rooftop plaza with grills and a fire pit. The preschool, leased by Nobel Learning Communities, will cover almost 14,000 square feet— enough space for up to 180 children at a time. It is expected that the tower will be finished in the summer of 2017.
The nearby townhouse development will contain 12 two-bedroom condominiums for sale. Construction on these townhouses will begin after the completion of the tower and is expected to reach completion before the end of 2018.