By Dion Haynes, Emily Damus
Like many urban commercial areas across the country, Center City in Philadelphia struggled in the COVID and hybrid work eras when large portions of its customer base worked from home. Office vacancies reached record highs as tenants relocated to smaller quarters to save money.
By converting a vacant 18-story office into luxury apartments, Alterra Property Group created a new customer base with hundreds of new residents for shops and restaurants in the area that largely had been governed by a 9-to-5 culture.
The development 17 Market West is Philadelphia’s largest post-pandemic office-to-residential conversion, transforming a 305,000-square-foot landmark from 1957 into a 299-unit luxury residential property.
The transformation was recognized as redevelopment of the year in Philadelphia as part of the 2026 CoStar Impact Awards, which were judged by real estate professionals familiar with the market.
The project "reflects the important role adaptive reuse can play in the future of cities, particularly in Center City Philadelphia and along the Market West corridor," Connor Burke, principal of Alterra Property Group, said in an email. "By thoughtfully transforming an empty office building into housing, we are bringing new residents, retailers, energy, and activity to the area while supporting the long-term vibrancy of the neighborhood."
Property management is provided by APG Living, an affiliate of Alterra Property Group. Preleasing strategy involved internet listing services, social media, video content and paid search advertising.
About the project: 17 Market West is a luxury apartment building in Center City Philadelphia with one- and two-bedroom units ranging from 553 square feet to 1,390 square feet. The building is connected to SEPTA's Suburban Station, a regional underground commuter rail line, and nearby office buildings.
What the judges said: "Beautiful adaptive reuse for an aging office building," said Gina Lavery, executive vice president of Econsult Solutions.
"The transformation of 1701 Market Street, a formerly struggling office building is now bringing a post 9-5 life to the CBD and Market Street corridor, as the site is transformed into a luxury apartment building," said Nadia Bilynsky, principal at MPN Realty.
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