Last summer, we told you about a a shuttered deli on the corner of 42nd & Chester and three vacant lots next door, noting that the collection of parcels seemed like a nice development opportunity. Back then, University of the Sciences owned the corner building and had it on the market for a rather high price of $425K. The lots next door were owned by Ly Rouse LP, not to be confused with development giant Rouse Properties. Revisiting the site, the deli looks the same and the University still owns the property. The lots next door though, look like they're ready for development.
According to the permits that have been pulled, the owners of the property will be consolidating the three lots into two, and will be building two six-unit buildings on this long-vacant site. We would have to imagine that with a location very close to University of the Sciences, Clark Park, and Penn, these units will target students of both the grad and undergrad variety. One would have to think that the apartments will rent quickly, as the block is nice, the location is prime, and the units will be brand new. Most of the private student housing development around these parts seems to be taking place on the northern side of West Philly, and this project makes us wonder whether we could soon see additional action in this area. Time will tell.
Now, if only that deli would turn over, this corner would really be on its way.