New apartment development, with a major grocery store, could be transformative for Chestnut East

rendering of 1118 chestnutA new apartment and retail development, on the 1100 block of Chestnut Street, could lead to a long-awaited transformation of this stretch of Chestnut Street, adjacent to Thomas Jefferson University and HospitalChestnut Street East has been somewhat depressed for many years, with low-end retail, little activity at night, and quite a bit of vacancy in the retail spaces and the upper floors of buildings, many of them historic structures with attractive architecture.  The area has not been affected yet, in a major way, by the upscale development boom happening in most of the surrounding neighborhoods of Center City.  This new development, which includes the renovation of one of the most derelict looking buildings and replacing two others at 1118 Chestnut Street (and which may include a very high-profile grocery store), is just what Chestnut East needs to finally take part in the Center City boom.

The new development is being built by Brickstone Realty and designed by Blackney Hayes Architects.  The oldest building, on the west side of the site, will be renovated and the neighboring buildings on the east side will be demolished and replaced with a seven storey building connected to the renovated one.  It will have 80 apartments, on the third through the seventh floors, and 70,000 square feet of retail space on the first and second floors.  There will be 60 one-bedroom units, ranging in size from 300 to 820 square feet, and 20 two-bedroom units, ranging in size from 1,000 to 1,100 square feet.  There will be no parking, but there will be 27 bike parking spaces.  This is the third major development, in this part of Center City, that will not have parking on site (the others include 1213 Walnut Street, around the corner from 1118 Chestnut, and The Sansom, at 16th and Sansom Streets).  The developers said that they have talked to nearby parking garage owners about reserving spaces if they have enough parking demand for it, but like with the other projects, they don’t expect much demand for parking in this convenient and transit-rich section of the city.  The retail may be the most exciting aspect of this project.  The developers may have several separate stores or they may use the first floor for one large grocery store.  Rumors are swirling that the grocery store would be Trader Joe’s, but a member of the development team wouldn’t confirm that when I spoke to him after a recent Zoning Board hearing.  Trader Joe’s would be a very high-profile tenant, as the Trader Joe’s at 22nd and Market Streets is VERY popular and crowded almost all the time, and that would bring renewed attention, and likely more residents and development, to this area.  We will likely find out soon what the tenant, or tenants, will be because the developers received approval from the Zoning Board on October 30 and expect to start construction within the next few months.

This is certainly not the only development happening in that area, though.  Market Street East is likely to see a couple long-awaited developments, as well, including a large mixed-use development at 12th & Market, a half block away from 1118 Chestnut and across from the Reading Terminal building, and the renovation of The Gallery mall (details of both those developments are supposed to be revealed early next year).  The former Strawbridge and Clothier building is, also, rumored to be getting a large and upscale food market called Eataly.  Chestnut Street East has seen a bit of development in recent years, such as the renovation of 1201 Chestnut Street (at the same intersection as this project) into The Commonwealth Apartments and the renovation of the very historic Victory Building, at 10th & Chestnut, into The Victory Condominiums.  DiBruno Brothers has, also, opened up an upscale deli at 9th & Chestnut Streets.  A couple new developments are planned nearby on Chestnut, including the renovation of the Bailey Building, on the 1200 block, into a trendy hotel and the construction of a 52-storey hotel at 15th & Chestnut Streets.  And, Walnut Street nearby is very busy and has seen the construction of a couple new medical buildings recently and may see the construction of a 26-storey apartment building and hotel on the 1200 block soon.  The new development at 1118 Chestnut will probably make those planned developments more likely, as well as, lead to several more being built because of the redevelopment of these blighted properties.

If you are thinking of buying or selling a home or investment property in this improving area of the city, or any other area, please contact me at Gabriel.gottlieb@lnf.com or check out my Long & Foster agent portal, here, or learn about our Long & Foster Center City office (near 1118 Chestnut Street), here.  You can, also, view my Facebook realtor page, Gabriel G. Philly Realtor, or my twitter page, @GabrielGPhilaRE.  And, you can view the Zoning Board approval, here, and my pictures of the site and neighborhood, below.

Rendering of 1118 Chestnut Street

Rendering of 1118 Chestnut Street

Buildings at 1118-28 Chestnut Street at present

Buildings at 1118-28 Chestnut Street at present

Buildings on the eastern end of the site will be demolished and replaced with new construction

Buildings on the eastern end of the site will be demolished and replaced with new construction

1128 Chestnut Street will be renovated

1128 Chestnut Street will be renovated

Retail space at 1118 Chestnut Street could have Trader Joe's

Retail space at 1118 Chestnut Street could have Trader Joe’s

Street sign for 12th Street, in front of 1118 Chestnut Street

Street sign for 12th Street, in front of 1118 Chestnut Street

Looking east down Chestnut Street, shows Jefferson Hospital on the right

Looking east down Chestnut Street, shows Jefferson Hospital on the right

Across Chestnut Street, from 1118 Chestnut Street

Across Chestnut Street, from 1118 Chestnut Street

Looking west on Chestnut Street

Looking west on Chestnut Street

Looking south on 12th Street

Looking south on 12th Street

Looking north on 12th Street towards Market Street and Loews PSFS Hotel and Girard Estate site

Looking north on 12th Street towards Market Street and Loews PSFS Hotel and Girard Estate site

1201 Chestnut Street, also known as The Commonwealth Apartments, on the northwest corner of 12th and Chestnut Streets

1201 Chestnut Street, also known as The Commonwealth Apartments, on the northwest corner of 12th and Chestnut Streets

Beneficial Savings Fund building, on the southwest corner of 12th and Chestnut Streets

Beneficial Savings Fund building, on the southwest corner of 12th and Chestnut Streets

The White Building Condominiums, on the southeast corner of 12th and Chestnut Streets

The White Building Condominiums, on the southeast corner of 12th and Chestnut Streets

Looking west on Market Street, from 12th Street, towards City Hall

Looking west on Market Street, from 12th Street, towards City Hall

Looking east on Market Street, from 12th Street, with Reading Terminal building on the left and the Girard Estate site on the right

Looking east on Market Street, from 12th Street, with Reading Terminal building on the left and the Girard Estate site on the right

Girard Estate site on Market Street

Girard Estate site on Market Street

Historically-certified Steven Girard Building on 12th Street, between Market and Chestnut Streets

Historically-certified Steven Girard Building on 12th Street, between Market and Chestnut Streets

Vacant buildings, at 11th and Chestnut Streets, being renovated a bit

Vacant buildings, at 11th and Chestnut Streets, being renovated a bit

The Victory Condominiums, at 11th and Chestnut Streets

The Victory Condominiums, at 11th and Chestnut Streets

The Bailey Building, on the 1200 block of Chestnut

The Bailey Building, on the 1200 block of Chestnut

Future site of W and Element hotel at 15th and Chestnut Streets

Future site of W and Element hotel at 15th and Chestnut Streets

1100 block of Walnut Street

1100 block of Walnut Street, shows Jefferson campus and Forrest Theatre

Future site of 1213 Walnut Street, a 26-storey apartment and hotel building

Future site of 1213 Walnut Street, a 26-storey apartment and hotel building

My Long & Foster real estate office, in the Curtis Center at 6th and Walnut Streets, across from Independence Hall

My Long & Foster real estate office, in the Curtis Center at 6th and Walnut Streets, across from Independence Hall

About gabrielcgottlieb

I am a real estate agent at Long & Foster Real Estate Center City and someone who likes to write about development and urban planning in the City of Philadelphia. Contact me at Gabriel.gottlieb@LNF.com if you are interested in buying or selling a home or investment property in Philadelphia.
This entry was posted in Uncategorized and tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s