4145 Chestnut StCleared to build

A 136-unit residential building is set to rise at 4145 Chestnut St in University City & Powelton, one of the larger new-construction projects underway in Philadelphia this cycle. It was cleared to build in Dec 1, 2021.

The 22,123 sq ft site is zoned CMX4, which supports a building on the order of 7 stories by right. The parcel last changed hands in 2023. The plans call for new construction of a seven (7) story building with roof decks for use as vacant commercial spaces (use registration & fit-out permits required prior to occupancy), one hundred thirty-six (136) dwelling units and accessory parking garage as per approved plans. building to utilize horizontal separations to create two (2) separate buildings with two (2) different construction types (basement, 1st & 2nd floors - type ia and 2nd through 7th floors - type iiia). fire retardant treated studs and sheathing required for type iii construction. building to be fully sprinklered per nfpa 13 and include standpipes per nfpa 14. fire watch required per code bulletin f-2001. *2018 ibc review* **separate permits required for mep & fire suppression work**.

The owner of record is Chestnut Acquisition LLC. The project's plan drawings are on file — worth a look for anyone underwriting the surrounding block.

It isn't rising in isolation. Within a half-mile, 8 other major projects have broken ground since 2022 — roughly 313 units of new supply — including the 95-unit project at 4050 Ludlow St, the 12-unit project at 4245 Sansom St, the 145-unit project at 4401 Holden St. That kind of concentration is exactly what pulls land values, and buyer attention, toward a block.

We'll update this page as the project progresses — leasing, retail tenants, renderings, and construction milestones as they surface. The relevant question for investors and agents: what are the surrounding parcels worth to a builder now that this is coming?