Philadelphia’s first major office-to-residential conversion since the pandemic is set to be completed this spring, with leasing beginning in March, writes Jake Blumgart for The Philadelphia Inquirer.
Alterra Property Group’s conversion of 1701 Market Street is the only such major project nearing completion, despite ongoing discussions over turning empty office spaces into residences since 2020, when COVID-19 hit.
One key factor was the building’s ideal suitability for residential conversion.
“1701 is an example where many of the key factors for an office conversion came together,” said Connor Burke, vice president of multifamily acquisition for Alterra. “There will be other opportunities that will come up that have some of these attributes. It’s not every day that you come across one that has all of them.”
Those factors include having a single tenant rather than multiple, allowing renovations to start immediately after vacancy. Additionally, the building’s size was well-suited for conversion, unlike the towering skyscrapers around it. No major structural changes were needed to ensure all apartments had light and air access.
1701 Market was also in good condition, having been fully gutted and renovated in the late 1990s. As a bonus, Philadelphia’s flexible zoning laws helped streamline the process.
Read more about office-to-residential conversions in Philadelphia in The Philadelphia Inquirer.
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Editor’s Note: This post first appeared on PHILADELPHIA Today in February 2025.
