Officials from Penn and the Hanover Company broke ground on a new project which they say will radically transform the corner of 34th and Chestnut streets.
The 2.5-acre property, which has been named Domus, Latin for "home," will provide housing and 23,000 square feet of ground-floor commercial space. At the on-site ceremony held last Friday, top officials said that the development has the potential to revitalize its surroundings.
The project represents an "intersection of ideas and commerce," Senior Vice President for Facilities and Real Estate Services Omar Blaik said, adding that Domus dramatically improves on the site's previous use as a parking lot.
Domus is scheduled for completion in December 2007 and will feature 290 luxury apartments in the eight-story building. Redevelopment Authority Board Chairman John Dougherty said the project's appeal extends to individuals who have not previously been long-term Philadelphia residents, adding that recent Penn graduates are possible tenants.
"It will create an atmosphere where you feel very much at home," Dougherty said.
The $71 million Domus project will include an Internet cafe, a pool and business and fitness centers. Additional amenities include grocery delivery, pet services and a 24-hour concierge.
Representatives from both Penn and Hanover stressed the progress that has been made since the collaboration began five years ago. Initial designs for the site included only retail facilities, Hanover Company Project Executive Randy Summerford said.
Summerford said that besides offering "the cutting edge of urban living," Domus will be the Houston-based Hanover Company's first major project near a university.
University President Amy Gutmann was among about 50 officials and community members who attended the ceremony.
"No other place provides as qualitatively excellent a space near campus" as Domus will upon completion, she said, adding that the site will "re-energize" the surrounding neighborhood.
Currently, the site is bordered by a parking garage, the Sheraton University City Hotel, research facilities, Penn's Law School and Hill Square.
"This site has vitality and momentum," Hanover Vice President for Construction Larry McCown said, adding that in offering luxury apartment living for a sophisticated audience, Domus compares with previous Hanover developments such as the Ashton in Dallas and 717 Olympic in Los Angeles.
Domus differs from those urban projects, he said, in its proximity to the University and in its 20,000-plus work force. He affirmed that Domus will cater to both short-term and long-term tenants.
Blaik earned a few laughs in saying that although he is "not a fan" of parking spaces, Domus will feature 320 of them in a five-story parking garage.
