The University of Pennsylvania (Penn) and Greystar Real Estate Partners have partnered for a mixed-use redevelopment of existing student housing at 3600 Chestnut Street, in Pennsylvania, US.
The project will offer 588 beds in 473 furnished units for graduate students of the university.
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Penn executive director of real estate Ed Datz said: “The University enthusiastically joins in this partnership with Greystar, as specialists in rental housing for the collegiate marketplace, to kick off the construction and repositioning of this campus asset.
“We are glad we can preserve the existing building structure while meeting the goal of improving the offerings and better aligning the residential living needs of today’s graduate students.”
Greystar has partnered with Barton Partners Architecture and Hunter Roberts Construction Group to finish renovation and modernisation of Sansom Place East. The renovation will see the exterior design integrity being retained.
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Greystar expects to ‘create best-in-class housing for Penn’s graduate student population’ while maintaining Richard and Dion Neutra’s original architecture.
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By GlobalDataThe redeveloped Sansom Place East will see each bed have a corresponding private bathroom, including in the two-bedroom units.
Each of the 473 units will also have its own washer/dryer too.
The project will also see delivery of over 12,000ft2 of amenity space to include a fitness centre, co-working lounges, a test kitchen, study rooms and large multi-function rooms.
Greystar will completely renovate the current outdoor plaza with a deck, landscape, hardscape, and seating along with an indoor-outdoor link to the new amenity space.
Greystar senior director who oversees development in the Pennsylvania, New Jersey, & Delaware region George Hayward said: “The project team has worked hard over the last ten months to make this complicated redevelopment a reality. We are excited to see this project come to fruition as another step in our long-term commitment to the Philadelphia region.”
The current building has been constructed in 1970. It was earlier the only on-campus residence for graduate students.
The redeveloped student housing will be only a block away from the Penn Law School; two blocks from the Wharton School and the Graduate School of Education; and four blocks from the School of Engineering and Applied Science.
Next to the Sansom Place East property, the currently-occupied commercial retail at street level and the Philadelphia Institute of Contemporary Art will remain open during construction.
This is the company’s second development start in the City of Philadelphia in the last six months and its eighth student housing development start in the country over the last 12 months.
The construction work of the project has commenced in January 2022, with an opening scheduled for the 2023-2024 academic year.
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Image: A rendering of Sansom Place East. Credit: Greystar/ PRNewswire
