Location: Philadelphia, PA | Years active: 2007-2014
U3 Ventures, serving as General Partner of its real estate fund, acquired 1213 Walnut in 2007. The 22,000 square foot 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.
Post acquisition, U3 Ventures has prepared the site for the development of a mixed-use building by:
- 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. In 2014, U3 Ventures sold the fully assembled, cleared, and entitled site to a local firm to develop the project.