Temple University’s partnership with the Philadelphia Management is paying off for students and the University in multiple ways.
The most recent partnership, the Kardon Building, will open 187 apartments to Temple students.
Dean of Students James Fitzsimmons said that Philadelphia Management has leased the grounds from Temple for 61 years. They have the option for two 19-year renewals. The company is starting off that lease with a $24 million renovation to the building. The partnership yields $1 per year and alleviated housing problems.
After that lease ends, Temple owns the fully renovated building that it can re-lease or operate on its own.
Exactly how many students will fill the building remains unknown because the number of one- and two-bedroom apartments is still in question.
PM representatives could not be reached for comment.
Beginning May 1, those apartments will be available to students on the waiting list. Space permitting, they will then open to all students after May 15.
Rent at the Kardon Building starts at $900 per month for a one-bedroom apartment. Housing Director Jack Niven said students living there will have to enter into a one-year lease, but subletting is an option for students who can not remain during break periods. Niven said that price will not include utilities but at an upcoming housing fair, PM would have basic utility prices available for students. Central air is included with each apartment.
Philadelphia Management also owns Presidential City, portions of which Temple has turned into student housing. Each year, Temple has the option to increase the number of apartments it leases. Niven said the University was exploring the option to increase next year’s number of beds.
At the upcoming housing fair, PM will also offer students the option to move into another building at 22nd and Market streets.
The Kardon Building is scheduled to open on Aug. 15.
Brian Swope can be reached at email@example.com