Developer to add student apartment complex to Temple University area
Philadelphia Real estate developer Goldenberg Group recently started construction on a $100 million student apartment building next to Temple University, the site of the former John Wanamaker Middle School. The residence is set to be 14 stories, and will add 832 beds for university students.
Goldenberg reportedly outbid other for the former school back in 2008, purchasing it from the Philadelphia School District for $10.75 million. Originally, the plan was to renovate the school into student apartments, along with community space and a charter school for the Bright Hope Baptist Church, which is across the street. The recession prevented that plan from transpiring though, and the developer decided to come up with a new plan.
Demolishing the school allowed Goldenberg to add more apartments using less space, and use the remaining land for other purposes.
The project is reportedly the third to add sorely need housing for Temple University. Another project is a 1,000-bed dormitory on North Broad Street and another developer is completing construction of Diamond Green Apartments for an additional 350 students near the Temple University train station.
All together, the projects are expected to relieve pressure among Temple University’s increasing students to find housing on or near campus. At present, roughly 10,000 students live around campus, though only half are in dorm rooms provided through the university.
Goldenberg’s building is to be ready by the fall of 2014. The developer has said that rents have yet to be determined.
Source: philly.com, “Construction begins on $100 million student apartment building at Temple,” Jennifer Lin, November 21, 2012