Permits have been issued for the construction of a multi-family building at 4211-13 Chestnut Street in University City, West Philadelphia. When completed, the new building will stand seven stories tall and will house 100 residential units, each an apartment. A roof deck will be located at the top of the build and will be accessed through a pilot house. In total, there will be 68,210 square feet of space within structure, which will cost an estimated $4 million to build.
Aerial view of 4211-13 Chestnut Street. Credit: Google.
The new building will replace a small string of properties. From left to right, the first building is a low-slung single-story vacant commercial structure formerly home to a small grocery store. Next up is a rowhome-width vacant lot used for parking. Lastly, and most notably, is a stately red-brick building standing three-stories tall with commercial space on the ground floor, which is now vacant, and, presumably, residences above.
The new building will provide a solid density boost the area, which is bustling with a large amount of new development adding hundreds of new units. The proposed building will make for much more effective use of the site, both in terms of height, density, and number of residential units. However, it is slightly disappointing that there will not be any commercial space in the ground floor. No renderings have yet been revealed for the proposal.
No completion date is known for the project at this time, though construction may be finished by 2022 or 2023.
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Simple arithmetic indicates a build-cost averaging $40,000 ($4 million/100 units) per 682 square foot (68,210 sf/100 units) apartment, which is incredibly inexpensive. Philadelphia Housing Authority (with construction costs upwards of $300,000 per unit) take note.
The issued building permit is likely to capture the new-construction full tax abatement that expires end month rather than an indication that construction is imminent, given that there’s been no CDR presentation to date.
@Craig – The numbers don’t add up. 100 units for $58/SF? New construction market rate housing is, at a MINIMUM, three times that even with open shop labor.
Surprising lack of commercial space. You’d think 100 units could support a small retail space alone.
Agree Alex. The numbers don’t add up. And the absence of retail is a missed opportunity.