The building at 3701 Chestnut St. is hitting the market. The International House Philadelphia announced today that it will be selling the building and setting a new course for the organization. The non-profit was founded in 1908 and has made it its mission to house foreign students and promote international cultures.
The 14-story building at 3701 Chestnut St., built in 1970, contained a dormitory for international students, the University of Pennsylvania Office of International Programs, and the Lightbox Film Center.
No listing price has been announced to date. Leaders of the organization have mentioned that the building has become expensive to maintain. We have seen other luxury buildings rise in close proximity to 37th and Chestnut. So, we are not sure what will happen to this aging facility. The 64,000 square foot lot is zoned RM-4 / CMX-4 so a dense mixed-use building would be allowed by-right if the new owner decides to pursue demolition. The new owner could also rehab the building. Only time will tell.
We wish the International House Philadelphia and the Lightbox Film Center luck in their relocation and continued pursuit of their missions. It will be interesting to see what happens to this property. What would you like to see happen here?
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