U. considers 40th Street renovations

The University has begun developing plans to renovate 40th Street between Walnut and Locust streets into a "flourishing, attractive cosmopolitan center" at the interface between the campus and community, according to Managing Director of Real Estate Tom Lussenhop. Parts of the Hamilton Village Shops -- stretching from Uni-Mart to Burger King -- and the parking lot at 40th and Walnut streets are under consideration for renovation, although he stressed that the University has not yet hired a construction company or signed any letters of intent with possible tenants. Describing 40th Street as a "high investment priority for the University," Lussenhop said the street has "some exciting things about it, but not enough. It has both problems and possibilities." University officials are evaluating a range of options for the area, including retail opportunities, entertainment options, restaurants, food markets and "effective ways to ease the parking problems in the area," Lussenhop said. He added that the University is specifically looking at "creative" ways to re-use the buildings once leases with current tenants expire. "We're looking at all of our real estate leases that are expiring in the next several years and determining what are the best real estate strategies for the area," Lussenhop said. Since 40th Street is the prime location where the campus overlaps with the community, Lussenhop said Penn is receiving input from community groups such as the Penn Faculty and Staff for Neighborhood Issues and the Spruce Hill Community Association. "Many of the ideas that shaped the University's thinking about the use of its own real estate assets came from community leaders, whose long-standing interest in the development of 40th Street is clear," Lussenhop said. "In a real estate sense, the University is attempting to reflect what it has heard and read from others in the community in the way it will go about making plans to use its own real estate," he added. The SHCA has begun to think about what stores it would like to see included in the 40th Street renovation plans, stressing the need for a better grocery store, a gardening center and more upscale shops, according to SHCA participant and PFSNI steering committee member Maria Hoek-Smit. "We would like to see anchor development -- not just small scale stores but a real vision that can pull people to come to University City," she said. Hoek-Smit said the University's top economic development official, Jack Shannon, will discuss plans for the area with community members once the details about the 40th Street project have been adequately researched. She said the meeting may not occur in the near future because Shannon is new to the University and will have to sort through a lot of material on the history of 40th Street, but added that she is willing to wait. "The University has heard from us about what we want and now they have to make the next move and come to the level we are at," she said. "They'll come to us because they know we're waiting for this to happen."

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