In addition to a massive apartment complex set to take over the lot at 34th and Chestnut streets, Penn is finalizing plans to redesign and rebuild the 3900 block of Walnut Street.?
Facilities and Real Estate Services officials, who have narrowed a list of six developers to two, are now in the process of working with the final bidders to refine their original plans before choosing a partner.
The project, which University officials aim to get off the ground by next summer, will include retail space at the street level, with private student apartments above the stores.
Though plans for the retail space will not be decided until a development team is chosen, the apartments will range from one to four bedrooms and afford students the opportunity to live technically off campus while still remaining very close to the University.
The goal "is to make sure that this project has a variety of different living styles and that it be priced to compete with what the market is charging in University City," Facilities Services spokesman Tony Sorrentino said.
As with the project at 34th and Chestnut streets, the chosen developer will assume the responsibility of designing and contracting the space as well as the risk of finding and bringing in retailers and occupants for the newly refurbished block.
Sorrentino added that "there's going to be a rolling process" in which the block's current tenants leave their establishments.
CVS will relocate to the newly renovated Moravian Cafes at 34th and Walnut streets this coming spring, while Power Yoga Works will move to 40th and Chestnut. Kinko's will also relocate.
Penn officials say the University is currently working to find the remaining three tenants -- the Last Word Bookshop, College Pizza and the Philly Diner -- convenient and affordable spaces in other parts of Penn's campus, thought it is still too early in the planning stages for any more details to be available.
The renovations will only affect the spaces between and including CVS and College Pizza, as Penn does not own the rest of the block.
