Construction has begun on the historic renovation and conversion of Philadelphia’s 24-story 1616 Walnut Street to 206 luxury apartments.

The Center City landmark, just steps from Rittenhouse Square, has been rebranded “ICON” and will boast 300 degree skyline views from a new private sky deck, complete with BBQ stations, outdoor fireplaces and heat lamps. Those views will be shared from many of the new one, two and three-bedroom residences. Located in the heart of Center City’s high end retail, dining and shopping district, the property will include 23,000 square feet of retail space and approximately 150 parking spaces.

The trio of companies involved in the development include Federal Capital Partners, Cross Properties and Alterra Property Group. “ICON at 1616 Walnut Street provides us with the opportunity to re-purpose an exceptionally well located and well maintained building in the heart of Center City Philadelphia as Philadelphia’s premier apartment community,” said Lacy Rice, Managing Partner of Federal Capital Partners. “We look forward to watching this wonderful property come back to life under the careful management of our team and the guidance of our local partners, Cross Properties and Alterra Property Group.”

Bozzuto Group has been retained to handle the community’s leasing and marketing and has plans to begin pre-leasing in October 2013 with the first apartments ready for occupancy in early 2014.

Amenities at ICON will set a new standard for urban living in downtown Philadelphia. The 100% smoke-free building will feature extraordinary lifestyle amenities, including:

  • Private rooftop dining room with fireplace
  • Wifi lounges and conference rooms
  • Gourmet demonstration kitchen for private functions
  • Spacious club/gaming room
  • Large screen media room
  • Massage room
  • Fully-equipped wellness/fitness center
  • Yoga Studio
  • Pet grooming station
  • Concierge services available 24/7
  • 150+ parking spaces
  • Bike shop and storage

Apartments at ICON will include designer touches and high-end finishes, including:

  • 9-10 foot ceilings
  • Available furnished apartments
  • Balconies in select floor plans
  • Stainless steel, Energy Star® appliances
  • Quartz kitchen countertops
  • Contemporary Cabinetry
  • Stone bathroom countertops with designer undermounted sinks
  • Ceramic tile
  • Spacious closets

Meticulous attention will be paid to the preservation of historic elements such as ornate wood-paneled walls and ceiling details. More than 1,300 historic replica windows are being installed in concert with the exacting restoration of facade metalwork and the main lobby. On the top two floors, formerly the home of the Pew Trust and John Pew, many historic elements and details will be restored as the floors are converted into apartments and common space.

Built in 1929, 1616 Walnut Street was lauded as an architectural marvel at the time, receiving top honors at the 12th International Buildings Congress in Budapest. Its advanced five-story parking garage made it one of the first properties to feature on-site parking, which was then considered a novelty. The iconic property was listed on the Philadelphia Register of Historic Places on January 7, 1982 and the National Register of Historic Places in 1983.