3748 Lancaster AveDelivered

A 40-unit residential building is set to rise at 3748 Lancaster Ave in University City & Powelton, a mid-scale addition to one of the city's busier development corridors. It was cleared to build in Dec 27, 2021.

The 12,997 sq ft site is zoned CMX2, which supports a building on the order of 4 stories by right. Records show the parcel last traded in 2012 for $875K. The plans call for for the erection of an attached four story structure with a common roof deck accessed via two roof deck access structures. structure for use as vacant commercial space on first floor (uses only permitted in cmx-2 that not to require off street parking as per table 14-802-2, use registration permit is required prior to occupancy) and for multi-family household living total forty (40) dwelling units (green roof bonus additional 6 units applied and low income bonus additional 7 units applied to this permit (14-702(7)(b) (.6) and (c); including all bonuses total 40 units) and forteen (14) accessory bicycle (class 1a) parking spaces on an accessible route. building is fully sprinklered in accordance with nfpa 13 and standpipes to be provided in the exit stairways per nfpa 14. all work to be done per approved plans. if field conditions vary contact design engineer prior to the start of any work. **a covered walkway or sidewalk closure shall be required within 12 feet of the building facade in accordance with section 3306 of the 2018 ibc. separate building and/or streets department permit required prior to the start of any work.*** fire watch is required once combustible construction is over 40 feet in height, a site safety plan shall be submited to building inspector prior to the start of any construction.*** separate permiits to be obtained for all other work.

The owner of record is People'S Emergency Center. 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, 11 other major projects have broken ground since 2022 — roughly 974 units of new supply — including the 62-unit project at 3620 Haverford Ave, the 15-unit project at 3401 Hamilton St, the 363-unit project at 3615 Chestnut 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?