New high-rise opening in University City

UNIVERSITY CITY (WPVI) -- The first market-rate apartment high-rise catering to grad students and young professionals, is moving toward completion in University City.

It's a $110-million project.

A 25-story apartment tower located along the so-called "Eds and Meds" corridor.

"We're only a block away from the Wharton School. A new product like this hasn't been seen in probably 8 years that really caters toward the young professional that lives here and works in the area hospitals and the universities and other intuitions," Dave Yeager of Radnor Property Group said.

Construction began 14 months ago. There will be 276 units with prices beginning at $1,740 a month.

Modern apartments with spectacular views, stainless steel kitchens, full-sized washer and dryers, and pets will be allowed.

The new apartment tower anchors the northeast corner of 38th and Chestnut streets.

There will be a landscaped rooftop deck where residents will be able to mingle while enjoying the Center City skyline.

The building will also house a library lounge on the second floor, a communal kitchen, 24-hour doorman, and underground parking.

Also for busy students and young professionals, concierge services that will include a valet and dry cleaning.

Yeager and Councilwoman Jannie Blackwell say with this undertaking, the neighborhood will continue to grow into Philadelphia's second downtown.

"That's what makes this project so special that we work together to bring West Philadelphia forward and help it be all it can be," Blackwell said.

The high-rise is the largest component in a partnership between Radnor Property Group, a private development company and the non-profit, Philadelphia Episcopal Cathedral.

The move-in date for the first residents is August 1st.