Penn officials hope that the closing of the CVS on the 3900 block will spark new development along Walnut Street.
The Campus Development Plan of 2001 calls for the 3900 block of Walnut to be renovated, with a mix of purposes: with housing to be constructed on top of retail outlets at street level.
The other major space on the block was formerly occupied by theater Cinemagic 3, but is now vacant. Yesterday's announcement that CVS will move to the Moravian Cafes is just the latest development in a string of closings along the block.
"Each opportunity that arises on the [3900] block of Walnut Street allows us to get closer to our goals of reconceptualizing that block," Facilities and Real Estate Services spokesman Tony Sorrentino said.
The University currently owns many of the other properties on the block, including the space that temporarily housed the Walnut Street West branch of the Philadelphia Free Library, the area from College Pizza to Kinko's and the former PNC kiosk.
McDonald's, West Philadelphia Locksmith Co., Campus Copy and College Buffet are all independently owned.
3931 Walnut St., formerly occupied by Grace Telecom, is scheduled for auction April 27, according to a sign hanging in the building.
The mixture of owners on the block is going to force the University to come up with a plan to develop the block around those properties.
Facilities and Real Estate Services officials said they will announce more detailed plans for the redevelopment of the block later this week.
-- Austin Lavin
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