Developers are planning a new 34-story building close to Penn's campus

Developers are planning a new 34-story building near Penn's campus on Chestnut Street that will contain over 360 units for individual apartments and group living.

The building — which will be located at 3615 Chestnut Street — will have 363 units and be named The Mark at Philadelphia. Of the total units, 236 units will be used as individual apartments and 127 units will be used for group living. The building will also have 70 parking spaces and 96 bicycle stalls, Rising Real Estate reported. 

The building will be constructed on what is currently a surface parking in the heart of University City. The building’s pedestrian entrance will be on Chestnut Street, and the parking entrance will be on Ludlow Street.

Made up of stacked stone and metal and precast panels, the exterior of The Mark will be composed of different shades of blue and gray. The neighboring buildings will include the existing Ralston House and a church.

According to Rising Real Estate, The Mark is using a low-income housing bonus to build an additional 250% in floor area ratio. The next step of the project will be a hearing with the Civic Design Review on Oct. 11, and no permit has yet been issued for the construction of the building. 

The BKV Group and Landmark Properties are the architects and developers of the project, respectively. Landmark Properties is planning to construct a similar project to be completed in 2024, next to the University of California, Los Angeles. 

Existing Mark properties also serve as student housing and are located in Arizona, Texas, and Georgia. 

“The Mark is a luxurious student community designed for the ultimate off-campus living experience,” according to the The Landmark's website. “With custom-designed furniture packages and first-class amenities, our residents are met with a high quality of life that is a mark above the rest.”