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$50M MXD Project Begins Near Widener University

CHESTER, PA-Demolition of the Andorn House Apartments makes way for construction of University Crossings near the main campus of Widener University.

By Marita Thomas | Updated on September 05, 2007

(Read more on the multifamily market.)

CHESTER, PA-University Crossings, a mixed-use revitalization project on land owned by Widener University, has begun with demolition of the Andorn House Apartments on Providence Avenue. Philadelphia-based Teres Holdings LLC is developing University Crossings at an estimated cost of $50 million and will own and operate the complex.

The location spans Providence Avenue from 14th to 16th streets. Teres has signed a ground lease with the university for a 60-year term. Ahsan Nasratullah, CEO of Teres, tells GlobeSt.com that Teres will pay $1 a year for the land, and, “after we’ve obtained a return on our investment, Widener will share 50/50 in the revenues.”

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