Something big is planned for the southwest corner of 7th and Chestnut Streets. A zoning permit was issued on Friday for the consolidation of the parcels at 700-02 and 704 Chestnut Street. The plans call for demolishing 704 Chestnut Street and putting an 8-story addition on top of the 6-story building at the corner of 7th and Chestnut.
When completed, the building will reach 14-stories tall with 120,767 square feet of interior space. The structure will include 148 residential units, ground floor commercial space, and 13 bicycle stalls. The permit mentions that the residential units will be used for visitor accommodations. This means that they will be short term rental units or hotel rooms. This project could end up being a full fledged traditional hotel or may end up being leased by a company like Sonder who manages buildings across the country and rents units out on platforms such as Airbnb. The permit also notes that the commercial space will be a restaurant.
To date, we don’t have a ton of details about the project and only have massings – no full renderings. We imagine in the coming months we’ll get a bunch more information about what is planned here.
How do you feel about the project? Do you like to see additions built on top of older structures in Philadelphia? Would you prefer this be a traditional hotel or a bunch of Airbnb suites?
Kyle is a commercial real estate agent at Rittenhouse Realty Advisors, a homeowner, and a real estate investor in Philadelphia. Kyle uses his extensive Philadelphia real estate market knowledge to help his clients buy and sell multifamily investment properties, development opportunities, and industrial sites.
Email Kyle@RittenhouseRealty.com if you are looking to buy or sell a property