Radnor Property Group and Drexel Break Ground on Newest Mixed-Use Development: Vue32
Radnor Property Group LLC and Drexel University broke ground for a new mixed-use development project, Vue32, in University City. The new complex, designed by Erdy McHenry Architecture, will include a 176,000+ square-foot 16-story residential tower, for-sale townhomes, a Nobel Learning Communities preschool and a community plaza with spectacular views to Center City.
“As our neighborhood and economic development initiatives make University City a more exciting and equitable place to live, study and work, they also reveal new needs like market-rate housing and high-quality childcare,” said John A. Fry, Drexel University president. “We’re excited to partner with Radnor Property Group to meet those needs while Drexel continues to focus all our investment on our academic priorities.”
The $56 million project located on Drexel-owned land at 3201 Race St. will provide residences and a preschool to a mix of Drexel graduate students, faculty, staff and non-Drexel professionals working in the area. The project is expected to be completed in stages from June to August 2017. At its completion, the building will stand 16 stories tall with 164 apartments and will include features such as 9-foot ceilings and full height windows, for stunning views of the city. Radnor Property Group is developing the project under a ground lease agreement with Drexel at no cost to the University.
Radnor Property Group is owner and general partner of Vue32 and has partnered with American Realty Advisors, which provided equity capital to the venture. Headquartered in Glendale, Calif., American Realty Advisors is one of the nation’s largest privately held real estate investment management firms with approximately $7.3 billion in assets under management. Santander Bank, with its U.S. headquarters in Boston, provided construction financing for the project. Vue32 will be managed and leased by Bozzuto Management Company. Headquartered in Greenbelt, M.D., Bozzuto is one of the industry’s pre-eminent home and community managers with locations throughout the Mid-Atlantic, Northeast, Chicago and Atlanta with more than 50,000 apartments in 200 communities.
“As developers of numerous ‘Meds and Eds’ projects, Vue32 represents one of the most collaborative developments we have undertaken in Pennsylvania,” said David Yeager of Radnor Property Group. “Drexel, Powelton Village Civic Association, Councilwoman Blackwell and the City were instrumental in creating a development which not only addresses a continuing need for quality childcare and for-sale workforce housing, but also market rate apartments in burgeoning University City. We are elated to be a part of this exciting new development in collaboration with Drexel.”
Vue32 will offer a variety of amenities to residents including a fitness center; community room with fully equipped kitchen; billiards and game room; a rooftop deck with landscaping, fire pit and outdoor cooking facilities; a conference room, think space and lobby gathering areas; and a secure parking garage under the building at grade level. The tower’s first two floors will also accommodate a preschool, with space for up to 180 children. It will be leased by Nobel Leaning Communities, the fifth largest private childcare organization in the country. The school will operate as Chesterbrook Academy, one of 16 schools in the region.
The for-sale townhouse development consists of 12 two-bedroom condominiums in three building clusters. Construction will commence after completion of the tower in 2017 with anticipated completion in 2018. For additional information on Vue32, visit www.radnorproperty.com.