Media > Press Release
CAMPUS APARTMENTS, INC., BREAKS GROUND ON HIGH-END RESIDENTIAL/RETAIL COMPLEX AT FRANKLIN & MARSHALL
$30 Million Complex Will Feature 50,000 Square-Feet of Retail Space and Will House Approximately 400 Students
Philadelphia, PA - May 05 2006
Campus Apartments, Inc., the oldest student housing company in the country and the leader in developing, managing and financing upscale housing for colleges and universities throughout the United States, broke ground on a new $30 million, 200,000 square-foot residential and retail complex, dubbed "College Row," at Franklin & Marshall College. The complex will enable Franklin & Marshall to provide housing to all of its students for the first time in school history. Alongside the Mayor of Lancaster, Pa., and Franklin & Marshall's president, representatives from Campus Apartments officially marked the beginning of construction for the new complex with a ceremony held at the college on Wednesday, May 3.
Campus Apartments is overseeing the development the three-building complex which will stretch over a five-acre plot adjacent to Franklin & Marshall's Alumni Sports and Fitness Center. The complex includes 150,000 square-feet of residential space on the upper floors, which will include 117 units and house approximately 400 students from the junior and senior classes. The units will have luxury amenities and will include the latest communication technologies for voice, data and safety. College Row will also feature 50,000 square-feet of retail space on the ground level, which will consist of a specialty grocery market, restaurants and bistros, and several local and national retailers. Once built, College Row will foster the transformation of the school's North Campus into a vibrant community where students, faculty, staff and others from the region can gather to live, shop, dine and socialize.
"College Row is a wonderful and imaginative mixed-use project that will benefit both Franklin & Marshall and the community. The retail space will provide a vital center of commerce to northwest Lancaster, which has recently been undergoing rapid and significant revitalization, and College Row will offer an attractive streetscape along a major thoroughfare that serves as a gateway to our city," said John Fry, president of Franklin & Marshall. "We are pleased to be working with Campus Apartments to make this vision a reality, as the company offers unparalleled experience, financial strength and creative solutions."
"Offering innovative developments such as Franklin & Marshall's College Row mixed-use facility is essential to the growth of higher education institutions," said David Adelman, president and chief executive officer of Campus Apartments, Inc. "President Fry and his leadership team understand the importance of an evolving campus. Franklin & Marshall has a vision for strengthening the campus community and College Row will enable the school to achieve its aspirations and grow its physical resources."
The College Row complex was approved by Lancaster's City Council in 2005 and is expected to be complete in fall of 2007.
Photos and renderings available upon request.
About Campus Apartments, Inc.
Philadelphia, Pa.-based Campus Apartments, Inc., the oldest student housing company in the country, develops, manages, designs, and privately finances upscale housing for colleges and universities. The company has been successful in growing its holdings and now owns or manages more than 220 properties. For more than 40 years, Campus Apartments has been a pioneer in developing communities and providing turnkey solutions for colleges and universities. Our projects include undergraduate, graduate and faculty housing, as well as for-sale condominiums and mixed-use developments, both on- and off-campus. Campus Apartments' university relationships comprise public-private partnerships, fee development, master leases, third-party management and long-term ground leases.
###
Media Contact: Kristen Saponaro (215) 735-3470 x122 ksaponaro@brownsteingroup.com