1701 Arch St
Philadelphia, PA 19103
Alterra acquired this ~125,000 square foot Class B office building in 2007 in partnership with Patron Capital Partners. The intention was to develop the property into a ~200 room upscale boutique hotel, including two on-premise restaurants. As part of the redevelopment, the office tenants were vacated, interior demolition commenced, and plans were readied for the hotel development. As a result of the credit crisis in 2008-2009, Alterra decided to redirect the project towards multi-family, eventually settling on a conversion to 111 Class A market rate apartments. Alterra and Patron partnered with Federal Capital Partners, a Maryland based institutional real estate private equity firm, and in 2012 completed a conversion into 111 apartments with ground floor retail. Apartments are occasionally available. For leasing information please visit www.1701arch.com.