Federal Capital Partners, Cross Properties and Alterra Property Group have started construction on the announced renovation and conversion of Philadelphia's 1616 Walnut Street.
The group is rebranding the building "ICON" and it will include 206 brand new, luxury apartments. The property will feature 300-degree views of the Center City skyline from a private deck, lounges and conference rooms, spacious gaming and media rooms, wellness center with yoga studio, pet grooming, concierge, bike shop and storage, as well as access to high-end retail, dining and shopping downtown. One-, two- and three-bedroom residences will offer stainless steel appliances, Quartz countertops, stone and ceramic bathrooms and spacious closets all atop 23,000 square feet of ground-floor retail and 150 parking spaces.
"ICON at 1616 Walnut Street provides us with the opportunity to re-purpose an exceptionally well located and well maintained building in the heart of Center City Philadelphia as Philadelphia's premier apartment community," said Lacy Rice, Managing Partner of Federal Capital Partners. "We look forward to watching this wonderful property come back to life under the careful management of our team and the guidance of our local partners, Cross Properties and Alterra Property Group."
The group has retained Bozzuto Group to handle leasing and marketing, with plans to begin pre-leasing in October 2013 and occupancy tentatively scheduled for early 2014.
The historic 1616 Walnut was built in 1929, considered an architectural marvel of its time. It was listed on the Philadelphia Register of Historic Places on January 7, 1982 and the National Register in 1983. The owners acquired the asset back in February 2012 for $28.5 million.
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