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CPDC Blog: A Behind-the-Scenes Look at Office-to-Residential Conversions

As the demand for traditional office space continues to change, office-to-residential conversions have emerged as a compelling solution, repurposing underused buildings while supporting mixed-use development and 24-hour vitality. Philadelphia has led the nation in conversions for more than a quarter century, with more than 10 million square feet of obsolete office space transformed since 1997 into hotel rooms and apartments. While many of the most straightforward conversions have been tackled prior to the current moment, developers are seizing opportunities to bring new housing options to the office district.  

This month, members of the Central Philadelphia Development Corporation (CPDC) enjoyed an exclusive tour of two projects that will contribute to the evolving mix of uses west of City Hall: 17 Market West and The Residences at Three Parkway.  

17 Market West 

Located in the heart of the West Market office corridor and directly above the Suburban Station concourse, 17 Market West by Alterra Property Group is the first Penn Center-era office building to undergo full conversion to another use. As such, it is the only fully residential building in the city with a direct interior connection to the underground concourse network.  

17 Market West’s multiple levels of underground space and rooftop allowed the development team to incorporate a large array of onsite amenities: 

  • A top-of-the-line fitness center with a half basketball court and a pickleball court 

  • Spa-inspired saunas and plunge pools 

  • A private dining room and entertainment spaces 

  • A resort-style saltwater pool 

  • A rooftop lounge with sweeping city views 

The first residents of the new building began move-ins on May 1.  

17 market west model unit

The Residences at Three Parkway 

Just steps from Center City District’s very own Cret Park, The Residences at Three Parkway by PMC Property Group is another office-to-residential conversion, but this one involves only half of a still-operating office building. Former Drexel University offices in the lower half of the building have given way to 143 new apartments. 

three parkway amenity space gym

 

Key architectural elements—like high ceilings and large windows with deep ledges—help bring lots of natural light and air into every residential unit. The amenities are shared with upstairs office tenants, including in-house bike storage and a fitness center. Three Parkway joins the nearby Franklin Tower (another PMC project) in growing the residential base along the northern edge of the office district and Parkway. 

The tour concluded with happy hour at CCD-managed Cret Park, directly across the street from Three Parkway. 

These projects are among half a dozen others from Old City to Center City that are carrying Philadelphia’s history of conversions into the 2020s. 

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