Philadelphia-based U3 Ventures and Stockton Real Estate Advisors plan to redevelop a pair of University of Pennsylvania-owned buildings at 40th and Chestnut Streets into a mixed-use project with residential units, visitor accommodation and restaurant space.

Seven visitor suites and five dwellings are to be built in the three-story stone-faced rowhouse at 4003 Chestnut St., with restaurants and a bank branch taking space in the adjacent two-story building at 4001 Chestnut St., U3 president Tom Lussenhop said Tuesday.

A property to the north at 36 S. 40th St., where a single-story retail structure once stood, is to be landscaped into a plaza that will include outdoor restaurant seating, he said.

The developers have been in discussions with Ur Home in Philly, a local company that books short-term stays in Philadelphia apartment buildings, to manage the project’s visitor units, Lussenhop said.

The U3 and Stockton entity behind the project, UCWest Chestnut LLC, signed a 50-year lease with Penn for the properties in November, according to records filed with the city.

Separately, U3 has acquired and is renovating a historic building to the north at Ludlow Street.

Artist's rendering of 40th Street facade of redeveloped 4001 Chestnut St. building.
Interface Studio Architects
Artist's rendering of 40th Street facade of redeveloped 4001 Chestnut St. building.