A rendering of the McCartney Street student housing project in Easton, PA. Photo Courtesy of the Radnor Property Group
EASTON, PA—Radnor Property Group reports it has entered into a public-private partnership with Lafayette College here and Chicago-based Harrison Street Real Estate Capital to build a new mixed-use student housing project for the college that will have the capacity to house 165 students.
Radnor Property Group, headquartered in the Philadelphia suburb of Radnor, PA, was hoping to begin construction at the end of May on the project that will be located between March and High streets. The project is scheduled to be completed by the fall of 2020. No development cost for the project was released.
Located on McCartney Street, between March and High streets, the property will feature three-and four-bedroom suites with kitchenettes and two-bedroom semi-suites, all with in-unit private or semi-private bathrooms. The student housing will be located on the top three floors of the building. The ground floor of the property will feature a student bookstore, full-service diner, retail offerings and amenities including outdoor spaces, communal lounges and study spaces.
“Through this partnership with Radnor Property Group and Harrison Street Real Estate Capital, we can bring modern housing, desirable amenities and exciting new retail establishments to a premier location on campus, all while aligning with the college's dedication to creating affordable yet distinctive offerings that will allow continued expansion,” says Roger Demareski, VP of finance and administration at Lafayette College.
Capstone On-Campus Management of Birmingham, AL has been selected by Radnor and Harrison Street and has been approved by Lafayette to manage and maintain the property once it opens in the fall of 2020. COCM exclusively manages on-campus communities and currently works on 40 college and university campuses across the country, including Raleigh, NC; Gainesville, FL, and Austin, TX.
David Yeager, managing partner and founder of Radnor, adds, “Radnor is thrilled to advance our relationship with Lafayette with our second partnership together to address growing campus needs. Together with COCM and Harrison Street our goal is to cultivate long term relationships from ground breaking through operations with highly regarded institutions of learning like Lafayette.”
Alton Irwin, chief marketing officer for COCM, notes that the McCartney Street project for Lafayette College is COCM's second P3 student housing project with Radnor and its sixth with Harrison Street.
In March, phase one of the Radnor Property Group's The Hamilton, a 10-story, 279-unit mixed-use residential tower on the Community College of Philadelphia's campus in Logan Square in Philadelphia, opened.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
