31-unit residential new construction, zoned CMX2.
A three-story, 31-unit residential building has delivered at 4324 Lancaster Avenue in University City, marking the completion of one of several projects reshaping this stretch of the Lancaster corridor. The building, cleared to build in September 2023, was developed by Lancaster Ave Real Estate Development LLC on a 17,456-square-foot site zoned CMX2. It includes basement units, roof decks, and a green roof, all built to Type V-B construction standards with full sprinkler coverage. An amendment in March 2024 adjusted basement window wells, interior layouts, and foundation details before the project wrapped.
The scope indicates six dwelling units per approved plans, though the 31-unit total suggests a larger development phase or multiple buildings on the parcel—scope language references this as "Building #5," implying a multi-structure site plan. The project used mixed-income housing and green roof bonuses to achieve its density under the city's zoning incentives. CMX2 allows three stories by right with bonuses, and this project appears to have maximized that envelope on what is a sizable mid-block lot by University City standards.
Lancaster Ave Real Estate Development LLC acquired the property in 2023, moving quickly from purchase to construction. The developer is contributing to a notable cluster of new housing in the area: nearby projects include a 20-unit building at 716 North 43rd Street, a 10-unit at 893 Belmont Avenue, and a nine-unit at 4408 Lancaster Avenue, among others. Together, these developments account for roughly 186 new units within a half-mile radius, underscoring sustained investor confidence in University City's rental fundamentals despite broader market headwinds.
The delivery of 4324 Lancaster Avenue offers a template for other underbuilt parcels along the corridor, particularly those large enough to accommodate phased, multi-building programs. With CMX2 zoning permitting similar scale by right and bonus incentives still available, other assemblage-ready sites between 40th and 46th Streets may follow suit, especially as rent growth in the Penn–Drexel orbit continues to outpace the broader city average.
📄 View the project's plan drawings (PDF)As this density arrives, InvestPHL is tracking 108 under-built parcels within a half-mile that a developer could still acquire and build — each carrying a builder's max bid. Addresses and figures are members-only.
Unlock the 108 nearby opportunities →Major (8+ unit) new-construction projects filed within a half-mile since 2022 — the density gathering around this site.