An easy office-to-homes transformation | Real Estate Newsletter
And Super Bowl ticket or mortgage?
It’s an idea you’ve probably heard or expressed yourself over the last few years: We have empty offices and we need more housing, so why don’t we just turn the offices into homes?
Usually, that’s easier said than done for a bunch of reasons. But the residential conversion of a Center City office building that’s happening on West Market Street right now has been pretty easy.
We get into why that is.
Keep scrolling for that story and more in this week’s edition:
Homes on a diner site: Learn the latest plan for the property where Melrose Diner stood.
Mortgage vs. Super Bowl: See how the typical mortgage payment in our area compares with the price of the cheapest Super Bowl tickets.
Sports shrine: Peek into this South Philly fan cave that includes pieces of long-gone stadiums.
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— Michaelle Bond
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The transformation of 1701 Market St. from offices to apartments is Philly’s first major conversion project of its kind since the pandemic.
It’s one of only a few such projects in the works. Construction is on track to wrap up this spring, and tenants can start leasing apartments next month.
A bunch of challenges usually pop up when talking about converting buildings. But the project’s developer, Alterra Property Group, has had a pretty easy time converting the office building at 1701 Market St.
My colleague, Jake Blumgart, visited after construction started a year ago and then again last month to see why this conversion has gone so smoothly.
One reason? Its size is in a sweet spot.
Keep reading to learn more details about the project and other factors that are helping the developer bring hundreds of apartments to the building.
The latest news to pay attention to
Construction of an apartment building will start soon at the former site of Melrose Diner.
A West Philly Council member wants to cut red tape to get more affordable housing built.
Temple University is buying the largest of the nine University of the Arts buildings up for sale in Center City.
This estate sale expert shares his list of the best thrift stores on the Main Line.
After Trump’s attacks, New Jersey’s first offshore wind farm might not be built.
Here’s how a fight over zoning rules in Lower Merion could affect gun policies across Pennsylvania.
A proposed $14 million project would connect the Schuylkill River Trail to Manayunk and Passyunk Avenue.
House of the week: For $585,000 in Queen Village, an expanded trinity with a private yard and shared courtyard.
How much is going to the Super Bowl worth? This is a real estate newsletter, so let’s think in terms of housing payments.
Zillow did an analysis and found that a “cheap” Super Bowl ticket costs more than the typical mortgage payment for a recent homebuyer in 46 of the 50 largest U.S. metropolitan areas. That includes ours.
The cheapest Super Bowl ticket Zillow found on four resale sites in mid-January cost $4,800. The cheapest price was down to around $3,600 as of Wednesday.
Both prices for “cheap” Super Bowl tickets are about twice the median monthly mortgage payment for a recent homebuyer in the Philly region.
Keep reading for the typical payment in our area and how we compare with the Kansas City region and other major metros.
Speaking of Philly sports, today we’re touring a sports shrine in the basement of Stephen Pagano’s South Philly home, where he lives with his wife and daughter.
Pagano said his Philly sports fandom started when he was a kid riding bikes with his friends to Veterans Stadium to spend the day and watch the Phillies play.
Here’s just some of the treasured memorabilia in his basement:
a 2008 World Series ball signed by nearly the entire Phillies team
seats from each of the sports stadiums
Philly sports themed bobbleheads
a piece of crumbled concrete he got when he hopped a fence after the Vet imploded
a piece of the basketball floor from the Spectrum
Pagano is a collector who’s open to parting with most of his treasures for the right price.
Peek inside his sports fan cave and find out which two items he gets unsolicited offers for but won’t part with.
🧠 Trivia time
In the 1990s, a plan was hatched to build an aerial tramway to connect the Philly and Camden waterfronts. That project never happened, and all that’s left are abandoned concrete platforms, which Camden soon plans to turn into a fishing pier.
Question: When did crews demolish the arch-like concrete tower at Penn’s Landing that had been constructed for the unbuilt tramway?
A) 2000
B) 2009
C) 2020
D) 2023
This story has the answer.
📷 Photo quiz
Do you know the location this photo shows?
📮 If you think you do, email me back. You and your memories of visiting this spot might be featured in the newsletter.
Props to Thomas A. and Steven C., who knew that last week’s newsletter featured a photo taken at the skatepark under I-95 at FDR Park.
Steven told me: “Back in the early 2000s, I would drive from West Chester to FDR 2-3 times a week to get my skateboard park fix in. This was before there were any skateparks available in the Philly burbs. I last went to FDR with my son a few years ago who has assumed my skateboard passion. FDR is an iconic spot known and visited by skateboarders all over the world.”
Enjoy the rest of your week. And Go Birds!
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