The amount of new apartments recently built, under construction, and in the pipeline between 41st Street and 46th Street along Chestnut Street is truly astounding. Take a walk down this stretch of University City and see for yourself, or check out some of the projects we covered on our Map Page. The area has really evolved a ton over the last five years.
Today, we have another project to tell you about within this development hotbed. Foundation work is currently underway on a 38,220 square foot, CMX-4 zoned lot at 4301 Chestnut Street that was previously home to a commercial strip mall.
The project entails a 7-story, 189,000 square foot building that will include 275 residential units, 30,300 square feet of ground floor commercial space, 75 underground parking spots, 113 bicycle stalls, a green roof, and a roof deck.
The floor plans show the commercial space broken up into 3 storefronts, but we imagine that could change depending on tenant leasing requirements. The commercial spaces will occupy 100% of the ground floor frontage along Chestnut Street, which we think is a major positive for this project and the community. The parking ramp will be located along 44th Street. The residential lobby will be located on 43rd Street.
The building’s facade will be clad in dark and light grey brick, various metal panels, and wood accents. We believe this project will be built using modular construction.
We’re happy to see a suburban-style commercial center replaced with homes for hundreds of people and some really large retail spaces in such a transit-accessible location. The additional supply of homes that this building will provide should help alleviate some of the rental appreciation pressure in the area. University City is now not only attracting students and healthcare workers, but also gene therapy and life sciences professionals since Philadelphia is becoming a major player in those industries. If we don’t continue to build housing in University City, rents will keep increasing.
How do you feel about this project and the transformation that Chestnut Street has undergone over the last five years? What kind of businesses would you like to see open in the commercial spaces?
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