A New Rental Model for Historic Apartments in University City

Core Development and Recess Collective partner on unique, high-end residences in University City.

Construction began on Core Development’s latest project in University City, the transformation of several historic row homes into 17 high-end residences adjacent to the University of Pennsylvania’s campus.  

The project will offer a new rental model featuring furnished units available to rent for nine months to students and medical professionals and as short term rentals to visitors during the summer.   

Core Development is teaming with Recess Collective, a design-oriented real estate company specializing in short term rentals in Athens, Mykonos and New York. The partners will renovate and modernize the buildings while maintaining the historic character of the streetscape.   

“We feel there’s a strong market for historic properties that feature sophisticated updates and a smarter use of space,” said Peter Staz, partner at Core Development.  “And this new rental model will provide a more cost efficient option for students, as well as a way to maximize revenue during the busy tourist season.”

The project’s architect, Swiatocha Architecture + Design, is a Philadelphia-based firm that specializes in the design of single and multi-family dwellings.  The interior designer on the project is Nicky Kyrtsis, principal designer of Recess Collective, which is based in Athens, New York and Philadelphia.

Core Development and Recess Collective previously collaborated on The Cedar, a boutique rental property in the Clark Park area of West Philadelphia.  Core Development has developed several other properties in University City, such as Luna on Pine, Stonehurst, 4134 Chester Avenue, and 4213 Chester Avenue.  

The project will include studio, one-, two- and three-bedroom units and is expected to be completed in summer of 2021.

To learn more about this project, please contact us.