A 266,000-square-foot office building in Philadelphia’s central business district is being considered for a partial residential conversion. Recently, a zoning permit was approved for an entity affiliated with Philadelphia-based ASI Management. As a result, 45 residential apartments are planned for floors 17 through 20 at 1880 John F. Kennedy Boulevard. Meanwhile, the building’s first 16… Read more »
Over 1,100 apartments are being developed in Center City through office-to-residential conversions. These projects address two of Philadelphia’s most urgent challenges: a high office vacancy rate and a constrained housing supply. By repurposing underutilized office space, these conversions are helping to stabilize the vacancy rate below 20% while adding much-needed housing inventory. The trend reflects… Read more »
New York developer TF Cornerstone is expected to convert the office portion of the historic Wanamaker Building into residential units after completing foreclosure proceedings, according to a source familiar with the plans. Foreclosure on the 1.4 million-square-foot Center City property is set to progress early next year. TF Cornerstone, which acquired the majority of the… Read more »
