Luxury apartments inject new life into struggling Center City commercial area

Alterra Property Group’s 17 Market West has been recognized as Redevelopment of the Year in Philadelphia at the 2026 CoStar Impact Awards, an honor judged by real estate professionals who work the local market.

The project converted a vacant 18-story office tower at 1701 Market Street — a 305,000-square-foot landmark dating to 1957 — into a 299-unit luxury apartment community, the city’s largest post-pandemic office-to-residential conversion. Managed by Alterra affiliate APG Living, the building connects directly to SEPTA’s Suburban Station and offers one- and two-bedroom layouts.

We are bringing new residents, retailers, energy, and activity to the area.Connor Burke, Alterra Property Group (via CoStar)

Beyond the units, the conversion brought hundreds of new residents to a Center City corridor long defined by 9-to-5 office traffic, creating a fresh customer base for nearby shops and restaurants. Judges cited the work as a model for aging office stock along the Market West corridor.

Read the full article at CoStar →

Source: CoStar, “Luxury apartments inject new life into struggling Center City commercial area.”