746 N 40th StDelivered

A 12-unit residential building is set to rise at 746 N 40th St in University City & Powelton, the kind of by-right infill quietly reshaping the block. It was cleared to build in Dec 30, 2021.

The 3,900 sq ft site is zoned RM1, which supports a building on the order of 3 stories by right. Records show the parcel last traded in 2021 for $120K. The plans call for new construction of a three (3) story building for use as twelve (12) dwelling units as per approved plans. building to be fully sprinklered per nfpa 13. work to include underpinning to be monitored by a pa license pe at all times. *2018 ibc review* **separate permits required for mep & fire suppression work** amendment (7/25/2022) to add a wheelchair lift as per revised plans. amendment (11/08/2022) to change structural framing design as per revised plans. amendment (9/1/2022) to change basement layout and add underpinning schedule as per revised plans. amendment (9/28/2023) to revise ada accessible wheelchair lift and rear step conifuration, roof deck door location and add gate as per vised plans. roof access for maintenance only.

The owner of record is 746 N 40th St 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, 12 other major projects have broken ground since 2022 — roughly 174 units of new supply — including the 12-unit project at 748 N 40th St, the 10-unit project at 644-46 N 40th St, the 9-unit project at 865 N 40th 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?