If you’ve been to 40th & Chestnut Streets in University City, you’ve likely seen The Hub, a multi-colored apartment highrise, which is home to Jose Garces‘s restaurant, Distrito, on the northeast corner of the intersection. The Hub was built a few years ago, just before the recession and national real estate market decline. The Hub is almost a dozen storeys and has more than a hundred apartments, largely occupied by University City’s many students. The original plan for The Hub was to build a neighboring building just to the east, at 3939 Chestnut Street, but that additional building was never built due to the lagging economy. However, now the developer of the first Hub, Teres Holdings, has received approval from the Zoning Board of Adjustment to build the second Hub, which will be known as The Hub II, on the former site of Thai Singha House restaurant. Thai Singha House will move down the block to Chestnut Hall, at 39th Street, and the building which housed the restaurant, which included two old townhouses, will be demolished to make way for Hub II. The land is owned by the University of Pennsylvania, and will be leased to Teres Holdings.
The Hub II, designed by Piatt Associates and UJMN Architects, will be seven storeys tall and have 65 rental apartment units. It will, also, have 10,000 square feet of retail space on the first two floors. The apartments will include 52 studios of 400 square feet, 12 one-bedroom units of 750 square feet, and a two-bedroom unit of 700 square feet. The apartments will be more upscale and more expensive than the first Hub, so it might attract some non-students, including workers at the universities, hospitals, and the University City Science Center, around the corner on Market Street. The façade will have similar panels as Hub I, but less colorful, and the walkway between the two Hub buildings will be activated with retail along a thin, European-style alleyway. There will be 22 spaces for bike parking, but no on-site parking for cars. The University of Pennsylvania will provide 20 parking spaces in the large garage at 40th & Walnut Streets. The new Hub II will be a block away from the 40th Street Station of the Market/Frankford line and Chestnut Street has the Route 21 bus to Center City and Penn’s Landing.
This is yet another residential development in University City, part of 2.6 million square feet of new residential space for students and non-students, much of which I’ve already written about. On Chestnut Street, a new 25-storey highrise apartment tower is about to be built, at 38th Street next to the Episcopal Cathedral, and more development is proposed for 42nd & Chestnut Streets. Also, the 7-11 on the southwest corner of 38th & Chestnut is now vacant, and the site could be available for development, and the Verizon building next door to that site is for sale, as well. On Market Street, a new office building is being built in the Science Center, also at 38th Street, and the Science Center anticipates building another tower at 34th Street and a larger one between 38th and 39th Streets on Market. The Science Center is, also, about to break ground on a 28-storey apartment tower at 36th & Market. As if that isn’t enough, a developer wants to build a new office building at 41st and Market Streets, next to the newly opened 2.0 University Place office building at 41st Street and Powelton Avenue. Nearby on Walnut Street, the University of Pennsylvania wants to build a small office building for university administrative departments at 39th Street and a developer would like to build a highrise office or apartment building at 41st & Walnut, next to the new Hilton Homewood Suites hotel. And, a new midrise apartment building is about to be built at 43rd and Sansom Streets. 40th Street is about to see some new retail development just north of Walnut Street, and the developers of The Hub and Hub II are considering building another Hub building at the northwest corner of 40th & Chestnut Streets in the near future. All this is a lot of development for the western end of University City, and will likely have a continued impact on the Walnut Hill, Spruce Hill, and Mill Creek neighborhoods just to the west.
If you are interested in buying or selling a home or investment property in the booming University City, or any other neighborhood in the city, please contact me at Gabriel.email@example.com or check out my Long & Foster agent portal, here, and our Long & Foster Philly Center City office, here. You can, also, view my Facebook realtor page, Gabriel G. Philly Realtor, and my twitter page, @GabrielGPhilaRE. You can, also, view this link to Piatt Associates’ website and look at my pictures of the site, and many other sites and landmarks in the neighborhood, below.