Market West is best known for its skyline defining office buildings such as the Comcast Center, the Mellon Center, and Three Logan Square. Bustling by day with the 9-5 crowd, the area is also known to empty out by night as restaurants close up and office workers leave for home. But flush new construction, high-end condos and apartments and even a relatively new
Trader Joes, the area is quickly redefining itself as a 24-hour urban neighborhood.
As of late, adaptive re-use projects have hit their stride, converting old office or hotel uses into residential apartments. Developed by
806 Capital and
Federal Capital Partners,
The Arch, located at
1701 Arch Street, is the latest, and perhaps most impressive, renovation story Market West is telling. Formerly known as the Robert Morris Building, the historic, beautifully ornate, gothic building is a true showstopper.
Built in 1914 by the hotelier Rutherford Jennings, the building was later used for housing and academic purposes by the
Philadelphia College of Bible. Eventually, the structure was used to hold offices until 2007, when 806 Capital bought it, emptied it out, and planned to convert it into a hotel. But when the recession went south, so too did 806 Capital's plans for a hotel. Once Federal Capital Partners stepped in, a new vision was born, bearing the fruit of an apartment re-use story being told today.
The 111 new apartments that now encompass the structure will enjoy all the grandeur of an historic building: refurbished domed ceilings, marble staircases, and terrazzo floors. The units themselves range from$1,349 to a loftier $2,900, likely for one of the two-bedroom penthouses that have unparalleled views of Center City.
If pre-leasing is any indication, it appears the market continues to be strong in Market West: according to Christy Metz, Director of Sales & Marketing for Scully Company, which is leasing the apartments. The Arch, she says, is now 70 percent leased and construction is ongoing.
"It’s exciting that this hot new property is leasing up as faster than we have apartments for people to move into, so we’re confident that the building will be sold out before the construction is complete," Metz says.
This success could be a result of targeting a wide audience and offering a fairly large price range in the apartments.
“Residents are from every walk of life and age range," Metz says. A grad student may be a neighbor of empty nesters, a leading corporate executive or even a small family. Tenants are not only attracted to the charm of the original details and modern amenities at The Arch but also the convenience and location.”
The first residents have already moved in, and more will be moving in soon, signifying the end to The Arch's renovation story. But on a larger scale, The Arch is just one of many integral parts of Market West's transformation and rejuvenation story, much of which has yet to be told.
Source: Christy Metz, Scully Company;
Lorraine Gimblett, The Arch PR representative
Writer: Greg Meckstroth