Location: Philadelphia, PA/Wayne, PA
John A. Fry
David J. Yeager
Drexel University has partnered with third-party developers to build nearly $400 million worth of housing, retail and amenities on campus, allowing the university to reserve its own capital for investments that support the institution’s academic and research priorities. Following successful partnerships with American Campus Communities and Hospitality 3, Drexel has entered into a ground lease agreement with Radnor Property Group LLC (RPG) for the development of Vue32, a $58 million, mixed-use urban development including a 16-story residential tower on Drexel’s University City Campus.
WORDS OF WISDOM: “I know that the world is going to change, and therefore, the university must change with it.” – Anthony J. Drexel, founder of Drexel University
RPG and Drexel’s partnership grew out of RPG’s experience with public-private partnerships. Over the years, RPG has undertaken development projects and assignments involving 23 institutions of higher education. RPG’s background in real estate development, finance, economic development, community development and public-sector subsidy procurement has enabled it to undertake sophisticated legal structures to maximize the financial benefits of a project.