Brandywine Realty Trust, Campus Crest Communities, and Harrison Street Real Estate Capital have formed a joint venture partnership to construct a $158.5m housing tower in Philadelphia, US.
The 33-storey tower will be built at Brandywine’s Cira South development in University City, Philadelphia, and will feature an 850-bed student housing unit.
The project, called The Grove at Cira Centre South, is being developed at 30th and Chestnut Streets on a site leased from the University of Pennsylvania.
Brandywine and Campus Crest will each own 30% of the joint venture, while Harrison Street will own the remaining 40%.
Upon completion, the project will feature a roof top swimming pool, a media lounge, a fitness centre, a library technology centre and first floor retail.
The project will also feature various study lounges, which will be designed to accommodate social and academic interaction.
As part of the partnership agreement, Campus Crest will act as property manager of the completed tower, which is designed by architect Erdy McHenry in consultation with Cira master plan architect Cesar Pelli.
After completion, the tower will extend the Cira skyline on the western bank of the Schuylkill.
The project is expected to achieve LEED Gold certification from the US Green Building Council and will serve students from several schools, including the University of Pennsylvania, Drexel University and other colleges and universities situated in University City and Center City Philadelphia.
Construction has already started and is expected to complete in the third quater of 2014, with leasing anticipated to commence in late 2013.
PNC Bank and Capital One have agreed to provide a $97.8m loan for the project, which will be part of Brandywine’s Cira Centre South, a multi-use development in Philadelphia’s University City area.
Brandywine president and chief executive officer Gerard Sweeney said, "We look forward to further expanding our successful Cira Centre development and shaping the Philadelphia skyline with our new partners."
Image: The Grove at Cira Centre South will be built at Brandywine’s Cira South development in University City, Philadelphia. Photo: Business Wire.