2008 Woodie Awards
Video related to this article is available below.Issue date: 3/23/07 Section: News
Wachovia, restaurants to come to Domus
Madeleine Kronovet
You may soon be asking for that coffee with a doubleshot of Chestnut.
The Hanover Company, which owns the Domus luxury apartment complex on 34th and Chestnut streets, is currently in talks with several companies to fill the building's retail component.
Wachovia Bank is slated to occupy a 5,000 square-foot space on the first floor, and Hanover is also looking to bring in two restaurants, a coffee shop and a sporting goods store, said Andi Pesacov, the real estate broker hired by Hanover.
Pesacov would not confirm the specific companies that will fill the remaining 20,000 square feet of retail space because leases had not been finalized, though sources say that a Starbucks Coffee is expected to be one of the complex's other stores.
Pesacov added that no local retailers will fill the space, which is being rented at the more expensive rate of $100 per square foot.
Normally, University City retail space is rented at $55 per square foot, Pesacov said.
"All of our retail [stores] are upscale," she said. "Every tenant is well-known and has locations throughout the country."
Hanover and Penn officials are both hoping to breathe new life into Chestnut Street and extend commerce from Walnut Street.
"We think it's going to add more variety to the [current] retail offerings and increase activity on the street," said Ed Datz, Penn's executive director of real estate.
The addition of more-expensive retailers to the complex should come as no surprise, as the Domus apartment building has consistently been advertised as luxury housing for graduate students, faculty and staff.
"We brought high-end to University City," Pesacov said. "The retailers are adding to their concepts because [Domus] is so unique. They're stepping it up."
Though Domus is not officially a Penn project, students were still a main consideration when selecting businesses for the building.
"All of the retailers are geared towards the students," said Pesacov. "Higher-end meaning we didn't put in a McDolands - it's still geared to the University City community."
Dennis Oppenheim, sculptor of Domus' "Wave Forms" public-art sculpture, believes that the retail locations will complement his sculpture, which will stand in front of the apartment building.
It will "be a nice place for students to have coffee," he said.
The Hanover Company, which owns the Domus luxury apartment complex on 34th and Chestnut streets, is currently in talks with several companies to fill the building's retail component.
Wachovia Bank is slated to occupy a 5,000 square-foot space on the first floor, and Hanover is also looking to bring in two restaurants, a coffee shop and a sporting goods store, said Andi Pesacov, the real estate broker hired by Hanover.
Pesacov would not confirm the specific companies that will fill the remaining 20,000 square feet of retail space because leases had not been finalized, though sources say that a Starbucks Coffee is expected to be one of the complex's other stores.
Pesacov added that no local retailers will fill the space, which is being rented at the more expensive rate of $100 per square foot.
Normally, University City retail space is rented at $55 per square foot, Pesacov said.
"All of our retail [stores] are upscale," she said. "Every tenant is well-known and has locations throughout the country."
Hanover and Penn officials are both hoping to breathe new life into Chestnut Street and extend commerce from Walnut Street.
"We think it's going to add more variety to the [current] retail offerings and increase activity on the street," said Ed Datz, Penn's executive director of real estate.
The addition of more-expensive retailers to the complex should come as no surprise, as the Domus apartment building has consistently been advertised as luxury housing for graduate students, faculty and staff.
"We brought high-end to University City," Pesacov said. "The retailers are adding to their concepts because [Domus] is so unique. They're stepping it up."
Though Domus is not officially a Penn project, students were still a main consideration when selecting businesses for the building.
"All of the retailers are geared towards the students," said Pesacov. "Higher-end meaning we didn't put in a McDolands - it's still geared to the University City community."
Dennis Oppenheim, sculptor of Domus' "Wave Forms" public-art sculpture, believes that the retail locations will complement his sculpture, which will stand in front of the apartment building.
It will "be a nice place for students to have coffee," he said.
Viewing Comments 1 - 7 of 7
Alan Krigman
posted 3/23/07 @ 9:01 AM EST
"All of our retail [stores] are upscale," she said. "Every tenant is well-known and has locations throughout the country."
Chain-store nation. Penn affiliates should be more sophisticated than this. (Continued…)
Stating the Obvious
posted 3/23/07 @ 9:10 AM EST
There is already a Starbucks a block south from Domus at 34th and Walnut. Do we really need another one?!
Will
posted 3/23/07 @ 9:32 AM EST
I agree that we don't need another Starbucks. We already have two of them. However, I am not completely against chain stores moving into the building. (Continued…)
Will
posted 3/23/07 @ 9:34 AM EST
Oups. I confused Domus with the development between 39th and 40th on Walnut. None-the-less, I think the general idea and goal remains the same.
sara
posted 3/23/07 @ 5:26 PM EST
A JCrew or Polo would be nice. Also, I wouldn't mind a nice lunch place or upscale sandwich shop. A California Pizza Kitchen or Noodles would also be great. (Continued…)
Concerning Retailers
posted 3/25/07 @ 1:08 PM EST
I agree with the comments above regarding the retailers. BTW, much of this information was reported a few weeks ago:
http://www.uclandlord.com/domus-project-manager-shares-new-details/
andy
posted 7/24/07 @ 9:10 AM EST
i think a Starbucks will be successful there. The 34th and Walnut location is always packed. This will also give Drexel students somewhere feasible to get coffee. (Continued…)
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