128-unit residential new construction, zoned CMX4.
A 128-unit residential building is set to rise at 4240 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 31, 2021.
The site is zoned CMX4, which supports a building on the order of 7 stories by right. The plans call for for the erection of a seven (7) story structure of type ia at the first and second floor and type iiia construction at the third to seventh floor with 3 hour horizontal assembly separating the second and third floor as per plans. for business professional office spaces, accessory parking and dwelling units with layout as shown. building has shared 3-hour rated fire wall with opening to adjacent building at 4245 sansom st, see permit cp-2022-005771. amendment (3/8/2023) to change the special inspection agency per revised form. amendment (5/14/2023) for architectural and structural changes incuding increase building height as per revised plans. .
The owner of record is Rrg Chestnut Street 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 12-unit project at 4245 Sansom St, the 95-unit project at 4050 Ludlow St, the 20-unit project at 222 S 45th 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?
📄 View the project's plan drawings (PDF)As this density arrives, InvestPHL is tracking 99 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 99 nearby opportunities →Major (8+ unit) new-construction projects filed within a half-mile since 2022 — the density gathering around this site.