A local group of developers is planning to turn two University City buildings into a mixed-use space including hotel rooms, residences, and a restaurant.
U3 Ventures, the group behind the project signed a lease with the properties at 40th and Chestnut just four months ago, Philly.com first reported. The site is owned by the University of Pennsylvania.
The project will see a restaurant and bank branch go up at 4001 Chestnut Street. Next door, at 4003 Chestnut, the group plants to create space for seven visitor units and five residences, U3 President Tom Lussenhop told Philly.com. Another adjacent property will be turned into a plaza with outdoor seating.
U3 Ventures has long had a place in Philadelphia, with a longstanding plan to develop at 4224 Baltimore Avenue, where they plan to build rentals and condos. They’re also the group behind the restoration of a Frank Furness gem at 40th and Ludlow.