As part of the University of Pennsylvania Penn’s ongoing commitment to bringing vibrant real estate development to University City, and providing off campus residential options for faculty, students and staff, Penn purchased a surface parking lot from the Philadelphia Redevelopment Authority under the agreement that it would be converted into a mixed-use development including residential and street level retail. Penn’s real estate strategy is to attract outside investment from the private development market. Penn leased the land to The Hanover Company, a Houston-based developer, for 65 years.
Domus is an eight-story luxury apartment complex with 290 apartments, 23,000 square feet of commercial space, and a 6 story parking garage. Amenities include a heated outdoor pool, private screening room, WiFi Internet café, and a 24-hour concierge. Apartments units include 10-foot ceilings, gourmet kitchens and walk-in closets. A lineup of as yet unnamed retail stores will be included on the street level. In addition, internationally known sculptor Dennis Oppenheim created a significant public art installation “Wave Forms” as part of Philadelphia's One Percent for Art program.
Total Project Cost:
Hanover Development Company, Houston Texas
Design Collective, Baltimore, MD
Paul Sehnert, Director, Real Estate Development, University of Pennsylvania, Facilitates and Real Estate Services