Historic Buildings to Become Mixed-Use Community in Old City

Behind the $20 million project is Alterra Property Group, a locally-based real estate investment, development and management company who has built and/or redeveloped hundreds of housing units in Philadelphia’s historic district.

An assembly of ten buildings located at the corner of Market Street and North 3rd Street (pictured) in what is known as the “Shirt Corner” in the Old City neighborhood will be converted into a mixed-use complex, the Philadelphia Business Journal reports.

Market and N 3rd Streets, Old City Philadelphia

Behind the $20 million project is Alterra Property Group, a locally based real estate investment, development and management company which has built and/or redeveloped hundreds of housing units in Philadelphia’s historic district.

While the reconversion project is not fully approved yet, the developer is working with the Philadelphia Historical Commission and community members as four properties are listed as historic buildings. Alterra should complete the acquisition of the ten properties in the following weeks, according to information by the Philadelphia Inquirer.

According to the project plans designed by Coscia Moos Architects, two buildings should be demolished and replaced by a new, 54,000-square-foot structure that will look very similar to the Colonial-style buildings in the area. The project will feature 40,000 square feet of residential space including 59 apartments. The remaining 14,000 square feet of space on the ground floor will be occupied by a CVS Pharmacy and an unnamed retailer, the Journal notes.

The developer hopes to break ground on this project in December and complete it in Spring 2015.

 

Image via Google Maps