News Brief: 40th and Chestnut St. construction delayed

Above-ground construction for the real-estate project at 40th and Chestnut streets has been delayed due to heavy rain in recent weeks. The site, at the northeast corner of 40th and Chestnut, will be transformed into an 11-story retail and residential building over the next year. The project is run by Teres Holdings, a Philadelphia-based development firm. Bob Hoe, a member of Teres Holdings, said that the construction is still in its underground stage. Above-ground construction has been pushed back since the rain filled up the excavation sites and made pouring concrete impossible. The development will move forward to above-ground construction over the next month. While the progress was somewhat affected by the rain, Hoe said, the overall project is on schedule. The project is scheduled for completion by the end of 2006. Tenants are expected to be in place by early 2007, with 20,000 square feet of retail space offered on three levels. The selection of tenants known so far includes a Baptiste Power Yoga studio and Jean Madeline Aveda Institute, an accredited cosmetology school. Power Yoga will move from its current location at 3925 Walnut St. to the new site. Hoe said that the list of tenants had not yet been finalized, a process that will last another month until construction has made its way above ground.