4200 Block of Chestnut Street, Philadelphia, PA
PHILADELPHIA, PA—Rittenhouse Realty Advisors arranged the sale of two redevelopment sites on the 4200 block of Chestnut Street in the University City neighborhood of Philadelphia. 4233 Chestnut Street, a 37,627 SF parcel and 4219-4223 Chestnut Street, a 12,441 SF parcel are both zoned CMX-4, which is favorable for multifamily, student housing or mixed-use development.
University City has experienced significant development recently. According to the University City District's 2019 report: “in the past year, 26 new development projects in University City opened their doors or made significant progress towards completion. Together, this represents 4.5+/- million square feet of office, residential, academic, research, restaurant and medical space that will enhance the neighborhood's already robust inventory.”
“University City is one of the strongest markets in Philadelphia,” says Ken Wellar, managing partner at RRA. “We continue to see the growth of the University of Pennsylvania and Drexel University driving the demand for housing in this submarket and driving growth and redevelopment further west.”
The University City submarket has excellent occupancy and is one of the most walkable and bikeable neighborhoods in Philadelphia. Both sites are within walking distance to parks, cafes, and restaurants, as well as to SEPTA's Market/Frankford train line to Center City, Philadelphia.
“Trends being seen in University City include growing household incomes and a growing job market,” says Mark Duszak, director at RRA. “There is a rising demand for quality market-rate housing.”
Rittenhouse Realty previously sold The Netherlands (61 apartment units) at 4300 Chestnut Street.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
