Let the rumors be put to rest and rejoice: Forever 21 has finally set a location for its long-awaited Philadelphia storefront.

Formerly Dress Barn, the 30,000 square ft. space at 1708 Chestnut St. is the where work has begun for the massively popular, cheap fashion house.

According to a sign posted outside of the building, completion is estimated for December 2014, but a rep from Donald Borg Construction, the project's general contractor, told me it's more likely to open in January 2015.

F21 will join the ranks of Center City/Rittenhouse district's newest fashion retailers like Uniqlo and Nordstrom Racks (which opens at the end of October).