2040 Market Street

2040 Market Street

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Project Profile

Number of Units:
282
Former Use:
Retail and Commercial
Current Use:
Residential Luxury Loft, Retail and Commercial
Amenities:
Dog & Cat Friendly, Fitness Facility, In-Unit Laundry, Private Parking Garage
Size:
300,000 sf
Acquired:
2011
Retail Tenants:
Pennsylvania Liquor Control Board, Penn National Bank
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Location:
2040 Market Street
Philadelphia, PA 19103

In early 2011, PMC Property Group acquired 2040 Market Street, a landmark property located in Philadelphia's central business district. Built in 1967, this facility served for decades as the dedicated headquarters for AAA Mid-Atlantic before the company's 2005 relocation to Wilmington, DE. After sitting vacant for 6 years, the property was starting to show signs of deterioration when it was acquired by PMC.

 

Implementing an innovative design by the Philadelphia architectural firm Varenhorst, PMC Property Group's general contracting division transformed this property to include eight additional stories on top of the existing main building, as well as two new 13-story towers, a courtyard in the rear, and an underground parking facility. These additions increased its size from 120,000 to 300,000 sf, providing ample space for more than 280 one-, two- and three-bedroom luxury apartments, ground-floor retail, and more than 150 below-grade parking spaces. 

 

The project, which was financed with $53 million in funding from First Niagara Bank and TD Bank, had a tangible positive impact on the immediate surrounding area of the city. The transformation of outdated office space into market-rate housing not only reduced the supply of substandard office space, but it also helped to bring new businesses and residents to this burgeoning section of Market Street West. By Spring 2013, 2040 Market was fully leased.

 

Read more about this property transformation as featured in Modern Steel Construction Magazine

 

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