As we’ve told you many times in the past, University City is on fire. And it’s not just UPenn and Drexel fueling the flames. University City is becoming a national biotech hub. The world is starting to take notice too as we’re seeing companies across the globe leasing lab and office space in University City. With more jobs comes the need for more housing and that’s just what we’ll be telling you about today.
Developers are planning a 34-story tower with 363 residential units, 70 automobile parking spaces, and 96 bicycle stalls at 3615 Chestnut Street. 236 of the units will be individual apartments while 127 of the units will be reserved for group living. The building will be constructed on what is currently a surface parking lot at will be called The Mark at Philadelphia.
The tower will be clad in metal panels, precast panels, and stacked stone. It will have a palette of different shades of grays and blues. The automobile parking entrance will be located on Ludlow Street while the residential entrance will be located on Chestnut Street.
We imagine most of the group living suites will be occupied by students but believe that professionals that work in University City and Center City will live in the building as well.
This project can proceed by-right as designed. It is utilizing the low income housing bonus in order to attain an additional 250% in floor area ratio. No permits have been issued for the project to date, but it is scheduled for a hearing with the Civic Design Review (CDR) on October 11th.
It’s great to see another surface parking lot located close to public transportation replaced with homes for hundreds of people. We hope we see more of these developments planned in the future as Philadelphia and its skyline continue to grow.
How do you feel about this project? What other parking lots in the city would you like to see get developed?
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