The tallest student housing tower in University City has officially opened its doors at 3615 Chestnut Street. Landmark Properties' 34-story The Mark Philadelphia launched its first fall term with 909 student beds.
Landmark remains confident that leasing will pick up, pointing to the trajectory of its earlier Philadelphia project, which saw a similar initial lag before demand jumped in its second year, according to the same report.
The scale of the building itself is hard to miss on the University City skyline. Standing 414 feet tall and spanning 415,849 square feet, the tower was designed by BKV Group and contains 363 units, comprising 236 fully furnished apartments and 127 group-living units, with 909 student beds, along with 70 car parking spaces and 96 bicycle storage slots, according to Philly YIMBY.
How the Tower Got Its Height
Getting approval for a 34-story building on this block required a specific zoning maneuver. The development received a 2.5 Floor Area Ratio density increase — pushing the site's total FAR to 7.5 — by incorporating an affordable housing bonus into its plans, Philly YIMBY reported. That bonus mechanism, which trades extra floor space for affordable housing contributions, is what unlocked the height needed for the high-rise.
Financing for the project came from overseas. Landmark secured a $175 million construction loan in 2023 from First Abu Dhabi Bank to fund the tower, per Multi-Housing News. The outlet noted that international banks have increasingly stepped in to finance large-scale U.S. student housing developments, and the deal underscores how institutional and international capital are reshaping University City's skyline.
A Historic Site Preserved Amid New Construction
The land beneath the tower carries its own history. Landmark acquired the 3615 Chestnut Street parcel in 2023 for $44.15 million from Ralston House, a historic senior care nonprofit, while retaining the site's adjacent 1886 historic building, the Philadelphia Business Journal reported. That preserved structure originally served the Indigent Widows and Single Women's Society of Philadelphia.
The Mark marks Landmark's second ground-up student housing community in University City, following the late-2023 opening of The Standard at Philadelphia — an 18-story, 280-unit, 802-bed tower at 119 S. 31st Street. Both projects were built to target students from the University of Pennsylvania and Drexel University, according to Multi-Housing News.
Walking Distance to Two Major Campuses
Campus proximity is central to the building's pitch. Property management listings for The Mark Philadelphia put the tower 0.1 miles, or a two-minute walk, from Drexel University, and 0.2 miles, or a five-minute walk, from Penn's campus. The tower is close to both campuses.
Penn requires all undergraduates to live in university housing for their first four semesters. The property is a short walk from Drexel, and Landmark has described its leasing outlook for the year ahead as “gangbusters,” per the Philadelphia Business Journal.
Part of a Broader University City Building Boom
The Mark isn't rising in isolation. The University City District's State of University City 2024 report tracked more than 4,000 planned multi-family residential units set to arrive in the submarket by 2027, according to the University of Pennsylvania Almanac. The district was on pace to reach a record projected 2.525 million square feet of new development valued at more than $710 million.
Landmark itself operates at a national scale well beyond Philadelphia. Headquartered in Athens, Georgia, the company manages over $15 billion in real estate assets across more than 115 residential communities containing over 76,000 beds nationwide, Multi-Housing News reported, making it one of the largest specialized student housing developers in the country.
