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.