Chestnut Street Elevation of Hub3939

Hub 3939

3939-41 Chestnut Street

Phase: Design

Planning Strategy:
Hub 3939 is part of the ongoing development of 40th Street as a hub of activity. This project symbolizes an attempt to attract undergraduates and graduate students to live closer to campus in high quality, professionally managed, safe and secure properties. The University has entered into a long-term ground lease with a local developer for the development of the asset. The developer operates the asset and pays the University rent for the land. The building will become University property at the end of the lease.

Program:
12,200 sf retail on first floor; 7 floors residential;
60 apartment units

Total Project Cost:
$19,500,000

Area:
Approximately 57,900 gsf

Completion:
N/A

Developer:
Teres Holdings, LLC

Architect(s):
Piatt Associates

Project Manager:
Paul Sehnert, Director Real Estate Development
Esaul Sanchez, Real Estate Asset Manager
University of Pennsylvania, Facilities and Real Estate Services

Related Links:
The Hub