The project, called The Mark Philadelphia, will be built at 3615 Chestnut Street next to the campus of the University of Pennsylvania and Drexel University.
It is expected to be ready for its first residents in the fourth quarter of 2026.
The Mark Philadelphia is the second project in the Philadelphia, Pennsylvania market for Landmark, which specialises in the development, construction, investment management, and operation of residential communities.
Landmark Construction will act as the general contractor for the project development.
Landmark Properties president and CEO Wes Rogers said: “We are thrilled to develop our second project in the University City district.
“The Mark will allow residents to live in close proximity to campus while enjoying amenities not typically found in a high-rise building.”
The project will feature 363 units ranging from studio to six bedrooms floorplans.
Besides being completely furnished, each unit will feature quartz countertops, stainless steel appliances, and hardwood-style floors.
The project will also provide technology-related amenities in the common area as well as high-speed internet and cable to the residents.
The 34-storey Mark Philadelphia, which will add 909 beds to the university city district, will feature a signature rooftop amenity area with a pool and hot tub and lounge area and offer sweeping views of Center City Philadelphia.
Furthermore, residents can access 24-hour study lounges, a computer lab, a sauna and a 24-hour fitness centre.
The Mark Philadelphia will also offer 55,938ft² of historic office space next to the high-rise portion of the development.
With more than $10bn assets under management, Landmark’s portfolio features nearly 100 residential communities across the US with approximately 60,000 beds.
Currently, the company has 21 student, build-to-rent (BTR), and multifamily projects under construction with an estimated value of $3.8bn.