Major development in University City continues to move westward. We recently told you about a 102-unit mixed-use plan on the 4200 block of Chestnut. That project has not broken ground yet. However, the 278-unit development at the corner of 43rd and Chestnut that we wrote about is now starting to take shape.
Right behind the 278-unit project, another significant development is under construction. More than 2 years ago, developers bought the 3,877 square foot CMX-3 parcel at 12-14 S. 43rd St. The property included a vacant lot and a row house that was missing its twin. The development team proceeded to demolish the building on the site in order to pursue bigger plans.
The new owners are currently building a 6-story, 67 foot tall, 18-unit building with 5 car parking spots, a roof deck, and a gym. The development will include 8 one bedroom units, 5 two bedroom units, 3 three bedroom units, and 2 four bedroom units. Due to the location, we imagine the owners will position this building as student rentals.
The structure is now topped out and the windows are already installed. The facade should go up in the coming months and then the interior buildout will commence. The owners expect the building to be ready for the 2021-22 school year if not sooner.
The rendering depicts a modern building with bay windows and balconies off of some units. The drive aisle is on the back end of the building on Ludlow St. An amenity space fronts the corner of 43rd and Ludlow.
How do you feel about this project?
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