The transformation of 3400 Chestnut St. is starting to take shape, and the developer is casting its net over University City to find tenants.
The corner will soon be home to "Domus," an eight-story luxury apartment complex with 290 apartments and 23,000 square feet of commercial space.
Seventy-five percent of the project's concrete base has been poured, and workers have started construction on the first elevated deck -- which is technically the second story of the building, according to Cynthia Birdwell, director of marketing for the Houston-based Hanover Company, which is developing the property.
Penn Director of Development and Project Management Alexandra Handago estimates the project is 7 to 10 percent complete.
Handago said she has already received calls from Penn professors, graduate students and the Penn Alumni Office inquiring about the apartments.
Birdwell said the developer hopes that tenants will be able to begin signing leases next May and will then be able to move into apartments over the summer.
The Hanover Company is targeting more than just the Penn community, Birdwell said.
"We intend for a large majority of residents to be University City residents," she said. "We're going after the larger market."
She added that tenants may also come from Center City and surrounding counties.
Birdwell said construction is on schedule and should be fully completed next winter.
Domus will open in phases, starting with the "Clubhouse," the Hanover Company's management offices on the site, Handago said.
The development will feature amenities including a resort-style pool, a private screening room, a high-speed Internet cafe, a billiards room and a fitness facility, according to a Hanover Company press release.
"These apartments are really nice," Handago said. "They really consider themselves luxury apartments."
The project is expected to cost $71 million. Handago indicated that costs have increased slightly due to the "construction economy."
Birdwell, meanwhile, said costs remain on target.
Michele Rowan, owner of Pizza Rustica -- which is located at 3602 Chestnut St. -- said she is looking forward the opening of Domus.
"I definitely think it will increase our business," she said."It seems pretty exciting."
