6-unit residential new construction, zoned RM1.
A 6-unit residential building is set to rise at 861 N 40th St in University City & Powelton, the kind of by-right infill quietly reshaping the block. It was cleared to build in Feb 23, 2026.
The 2,400 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 2025 for $85K. The plans call for for the erection of a three (3) story attached building of type vb construction with a roof deck and roof deck access structure for the use of r2 (6 dwelling units) occupancy- unit #2 to be type b dwelling unit. all work to be done per approved plans. if field conditions vary contact design engineer prior to the start of any work. separate permits required for all other work. **a covered walkway or sidewalk closure shall be required within the building facade in accordance with section 3306 of the 2018 ibc.**.
The owner of record is 861 North 40 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, 12 other major projects have broken ground since 2022 — roughly 189 units of new supply — including the 9-unit project at 865 N 40th St, the 9-unit project at 871 N Preston St, the 9-unit project at 871 N Preston 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.