The first major office-to-residential conversion of the post-pandemic era in Philadelphia is set to be completed in the spring. Alterra Property Group is on schedule to finish the conversion of 1701 Market St. from an office building to apartments by Memorial Day. Leasing will begin in March. The Alterra project — with 299 units, 190 parking spaces and a rooftop pool — was positioned perfectly for residential conversion. It was a single-tenant building, and the construction firm was able to begin work immediately after tenant Morgan Lewis vacated the building. 1701 Market was a good size, and no dramatic structural work was needed to ensure apartments had access to light and air. The building was also in good shape, even though it dates to 1957. Its building systems were already modernized and mostly reusable. Philadelphia’s existing zoning and tax incentives for Center City made conversions easier than in other big cities.
Source: Philadelphia Inquirer; 2/3/2025