The New York Times takes a look at new residential development near colleges -- and notes that many of them have no interest in undergrad renters. University City features prominently in the piece.
A block from Drexel University, a glassy new rental building offers residents a roof deck with a heated saltwater pool, a fire pit and outdoor televisions — amenities that would make for a raucous college party, if college students could live there.
But the 28-story tower at 3601 Market Street was not built to house any of Drexel’s 16,900 undergraduates. Nor is it intended for the 10,400 undergraduates studying at nearby University of Pennsylvania.
Instead, it aims to attract young professionals — junior faculty, office workers and young doctors — to live in University City, a West Philadelphia neighborhood that is also home to the Children’s Hospital of Philadelphia and the Penn Presbyterian Medical Center.
The Market Street apartments are among roughly 2,000 residential units that are planned or have recently opened in University City and are aimed at young professionals and graduate students. A local developer has also acquired eight rental buildings in the neighborhood since the summer, with plans to renovate those 600 units to attract more young professionals...
Near college campuses around the country, developers have begun building luxury housing for the staff, not the students. Tapping into a desire among some younger workers to live in walkable, urban communities, these developers have discovered that a college neighborhood can fit that bill, as students are no longer the only ones who want to live near campus...
Developers use various strategies to keep undergraduates away from these new projects, including high rents that most students can’t afford. They time leasing to miss the start of the academic year, reject applicants who will rely on a guarantor to pay the rent and design spaces that are not ideal for young students. “The undergraduates get the message,” Mr. Downey said.
Original source: The New York Times
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