It is the first of three such projects the university envisions over the next five years under president John A. Fry's plan to eventually double student-housing capacity on the West Philadelphia campus.
Fry, who had a leadership role in Penn's successful neighborhood revitalization more than a decade ago, promised to increase student housing and improve Drexel's gateway to Center City when he was named president in 2010.
With the release of the school's updated master plan in December and details of the retail and housing projects last week, Fry appears headed for a similar push at Drexel.
"Of course the caveat is, if we can afford it, if this can be done in a way that doesn't create any financial strain on the university," Fry said in an interview. "Each of these projects will get fully vetted by our board."
The three projects are expected to add at least 3,000 beds to the campus, which currently has housing for 4,250. The school's master plan calls for adding a total of 4,400 beds.
Drexel has been struggling with increased demand for housing, and this year "tripled" two of its buildings, meaning it put three students in rooms designed for only two.
The housing/retail projects are part of an $800 million building splurge planned for the campus over six years, $300 million of which is under way. Included are a new building for the business college and an urban center for the College of Media Arts and Design, said Robert Francis, vice president for university facilities.
An estimated $300 million of the $800 million is coming out of Drexel's coffers in a mix of borrowing and operational funding.
Drexel officials hope the rest of the work will be paid for by others.
