U³ Ventures , serving as General Partner of its real estate fund, acquired 1213 Walnut as the flagship development opportunity for the fund’s portfolio. The 22,000 square foot site site, extending from 1213 Walnut Street to 1219 Walnut Street, included a surface parking lot and vacant building in disrepair. It is strategically located near Thomas Jefferson University, adjacent to the 13th Street retail cluster, and along the Walnut Street commercial corridor.
Since acquiring the site, U³
Ventures has prepared the site for the development of a mixed-use building by:
- Working with TEN Arquitectos of New York City and Mexico City, conceiving a design and program specifically tailored to maximize land value while furthering Philadelphia’s economic development and planning objectives.
- Consolidating the parcels into a single site and demolishing the existing vacant structure
- Successfully advocating for a zoning ordinance that permits greater density on the site and eliminates any requirements for on-site parking, therefore maximizing the retail footprint and reducing development cost
The result of the design,
demolition, and ordinance process is an entitled site that can accommodate over
300 high-end apartments and 20,000 square feet of retail, and building plan
that is tailored to today’s market requirements – for residents, consumers, and
investors alike.
Source: U3 Ventures
No comments:
Post a Comment