SEPTA has selected Alterra Property Group to develop a 300-unit building on 6.5-acres of SEPTA-owned land adjacent to the Conshohocken regional rail station and along the Schuylkill River. Alterra proposed a 300-unit project with 354 parking spaces and café space offered at a subsidized rental rate, as well as 119 parking spaces dedicated for SEPTA ridership. The plan includes an agreement by Alterra to pay SEPTA $333 million over the 99-year ground lease. SEPTA purchased the property for $9.75 million in 2022 through a deed in lieu of condemnation and planned to build a 534-space parking garage. The project requires a zoning variance approval from the Borough of Conshohocken. Borough officials have pushed back against development proposals, except for the original garage proposal in 2023. The borough declined to comment on the recent proposal selected by SEPTA.
Source: Philadelphia Business Journal; 3/28/2025