New apartments at 34th & Chestnut - PhillyBlog

sharkfood · #1 (**permalink**) 03-18-2005, 11:31 AM

From today's Daily Pennsylvanian:

Quote:

$100M project OKed for 34th, Chestnut
Apartment complex with 295 units slated for 2007 completion
By evan goldin
March 18, 2005

The University Board of Trustees Budget and Finance Committee approved the conversion of a surface parking lot located on the northwest corner of 34th and Chestnut streets into new mixed-use buildings yesterday.
Planners are hoping to break ground by this September, and they project that the building will be completed in the latter half of 2007.

The land is adjacent to the Sheraton University City Hotel at 36th and Chestnut streets.

According to Penn real estate officials, the project fits in with the overall strategy for development in the area.

"University City continues to attract new development, new businesses and new residents to one of Philadelphia's most vibrant neighborhoods," said Omar H. Blaik, senior vice president of Facilities and Real Estate Services at Penn, in a press release.

"This project is part of our east campus strategy and is indicative of Penn's commitment to engage locally in building communities and investing in job creation and economic development."

The $100 million project, which is being developed by Hanover RS Limited Partnership of Texas, will consist of seven- to eight-story luxury apartment buildings. They will house 295 units with combined square footage of about 325,000. Approximately 26,000 square feet of ground-level retail and commercial space is included in the project.

Also planned is a new five-story parking garage containing 320 parking spaces. There is already a Penn-owned parking structure across the street from the planned development, on the northeast corner of 34th and Chestnut streets.

As part of the deal, the University will lease the buildings to the developer for 65 years. However, after the completion of the project, the developer may choose to sell its interest in the property, subject to refusal by Penn.

The committee also approved a $2.9 million renovation of the second floor of the School of Dental Medicine, which houses the Orthodontics Department

This has been a long time in the making and should help resurrect what is now a very dead corner.

wysong · #2 (**permalink**) 03-18-2005, 02:55 PM

now if penn can only manage to stop building on hill field they can get some kind of rittenhouse thing going on (of course it will never truely be like rittenhouse).

i always thought it was going to be taller than 8 stories. oh well.

SPM · #3 (**permalink**) 03-18-2005, 09:59 PM

I thought it would be taller, too, but I'm glad to see it happening.

AND--I think that there are OLD pictures of the site, as well as Hill field on one of these forum topics---maybe old pictures or something---cool pics showing edge of Law School....

I think it will really help connect the Penn and Drexel campuses, too---I think that'll be a good thing.

gap27 · #4 (**permalink**) 03-19-2005, 12:11 AM

Quote:

Originally Posted by SPM

I thought it would be taller, too, but I'm glad to see it happening.

I think it will really help connect the Penn and Drexel campuses, too---I think that'll be a good thing.

Agreed. I hate walking up 34th from Penn to Drexel at night. Its so creepy being surrounded by parking at all sides. Some form of life is definitely needed at that corner. If the SW corner at 34th and Market gets developed, we'll be all set. Honestly, Drexel keeps wanting to expand north, but with parking lots along Market Street (at 31st and at 34th) I don't understand why they keep trying to infringe upon Powelton.

Also, I can't believe they're building another building on Hill Field. I'm glad it small building, but how much more can they dig up that soil there? If that field goes one full year without being touched, it will be a miracle.

PuntLemon · #5 (**permalink**) 03-19-2005, 11:04 AM

The development company,Hanover, doing this project is one of the best in the country, especially dealing with amenities. They do most of their projects in Southern California, Texas and out west. The article specifically stated the project will be apartment buildings, didn't see the word condo mentioned at all. Without the benefit of the condo tax abatements it will be interesting to see how this project competes with Center Cities condo-mania.

Penn doesn't do things on the cheap, this will be an outstanding asset to
University City. Heres a few images of a -350 unit-8 story project that Hanover has done in Houston.- Lofts at Oak Lane-. I guess we can gt used to some more brick in UC.

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