824 N 40th StUnder construction

A 5-unit residential building is set to rise at 824 N 40th St in University City & Powelton, the kind of by-right infill quietly reshaping the block. It was cleared to build in Dec 11, 2025.

The 2,057 sq ft site is zoned RM1, which supports a building on the order of 4 stories by right. Records show the parcel last traded in 2021 for $90K. The plans call for for the erection of an attached 3-story structure with roof access structure for access to an occupiable roof deck. structure for use as multi-family household living five (5) dwelling units. the building is fully sprinklered in accordance with nfpa 13r. all work to be done per approved plans. if field conditions vary contact design engineer prior to the start of any work. separate permiits to be obtained for all other work. **a covered walkway or sidewalk closure shall be required within 9 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. ** ** excavation permit required ** project includes underpinning **.

The owner of record is 824 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 9-unit project at 865 N 40th 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?