The Alterra Property Group wants to bring 352 apartments to the intersection of Market Street and 42nd Avenue on the edge of University City in West Philadelphia.
The 6-story modular building includes 22,511 square feet of retail space, a roof deck, amenity space, and 110 parking spaces.
“I think there is a lot of medium-sized demand. [apartment buildings] Leo Addimand, Managing Partner of Altera, said:
Apartment projects utilize modular construction techniques, many of which are built offsite. These structures are cheaper to build than traditional projects and can save significant labor costs. As a result, Addimand says it can be rented hundreds of dollars cheaper than a regular new construction unit.
Altera has built several modular apartments in recent years. A similar project is now near 42nd Street and Chestnut Street and includes the new Fine Wine & Good Spirits store as a retail store on the ground floor.
Another recent Altera Modular Apartment is located on Broad Street and Spring Garden Street, featuring a Gian supermarket as a retail store. Adimand says he hasn’t yet had a commercial tenant to announce with the market on the 42nd, but he’s talking to retailers, clinics and restaurants.
Interest in development at the intersection of 42nd and Market is a recent phenomenon. To date, housing development has not moved much north or west in areas where University City is blurred in the rest of western Philadelphia. Most new projects are concentrated on Chestnut Street in the south and further in the eastern market, approaching the density of educational and technical institutions below 40th Street.
Currently, at the intersection of Market and 42nd Avenue, there is a ground parking lot, a low-rise social security building, and a CL presser construction and supply company.
In 2020, plans were announced for an eight-story, 250,000-square-foot laboratory building on the northeastern corner of the intersection. Altera’s apartment towers in the southwest corner of the space where another ground parking lot and CL Presser Building are currently standing.
“We are excited to add density to the western university city, directly opposite some of the most exciting life sciences buildings,” said Addimand. “I could have built more in terms of units and square feet, but I chose not to. I try not to overload the site and keep it in the right place.”