A 141 unit mixed-use building is rising in West Philadelphia at 4125 Chestnut St. The modular construction building is replacing an old car wash. The parcel was sold in April of 2018 for $9.9 million. A previous proposal at the location called for a 17-story, 240 unit building. However, those plans were scrapped as the project was not allowed by-right on the CMX-4 zoned lot. With neighborhood pushback, the developers likely decided it would be easier to pursue a project without needing to get any zoning variances.
It has been fascinating to see the speed at which this construction project has come together. The project team poured a foundation and then erected a 1-story steel structure late last year. In early December 2018, the modular units started to be lifted into place. By the end of the month, the six-story structure topped out at its height of 75.5 feet. The project will include a 12,328 square foot office space on the first floor, 27 parking spots, and 76 bike spaces. Per the Vaughan Buckley Construction website, the project will provide 4,425 square feet of landscaped public space surrounding the building and a green roof deck for residents.
We are big fans of this development and the density it is bringing to West Philadelphia. These new units should help quell rising rents in the neighborhood. A 17-story building would have been one of the tallest buildings this far west in the city. Although it seems like the market could have absorbed 240 new units, we will definitely take 141 apartments over a car wash at this location. It will be interesting to see what business takes over the ground floor office space. Does anyone out there know if a tenant has already been signed?
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