Drexel has officially begun one of its major continuing contributions to Lancaster Avenue in University City as it broke ground on a $170M 24-story mixed-use project at 3400 Lancaster Ave. in November.
The project will include space for 1,300 students and provide 20,000 sqft of retail, divided into eleven spaces. Designed by Solomon Cordwell Buenz Architects, with New York-based Hunter Roberts Construction Group doing the building, completion of the 580K sqft development is scheduled for the fall of 2015.
Besides having a tremendous amount of one-time economic impact, the development will create an estimated 850 jobs and $37M in earnings, according to Econsult. The project is just one of many institutional developments now underway, or soon to launch, that are poised to invest hundreds of millions of dollars in University City and transform the landscape looking west from 30th Street. Five years from now, several new towers will line Lancaster Ave. and Market Street.
Consider, for example, the recently completed LeBow Hall, Drexel's new business school, a $92M project that built a new 12-story building at 32nd & Market. And Chestnut Square, a 19-story mixed-use project Drexel opened this fall. Up the block a bit on Market, the Science Center is building 3737 Market.
But back to Lancaster Avenue. As more large-scale building continues, it will likely help power the Lancaster Ave. commercial corridor that has begun to strengthen over the past few years. An excellent example of that is at 38th & Lancaster, where the entire intersection is in the midst of transition and two new projects were completed since last spring. So as Drexel continues to expand, with projects like Dornsife Center, and private developers continue to get involved, like up the street with plans for more student housing, it looks like Lancaster Avenue is poised for even more redevelopment in the years to come.