Alterra Property Group is planning to develop a 300-unit apartment building on SEPTA land in Conshohocken, writes Jake Blumgart for The Philadelphia Inquirer.
The lot was previously planned to be a 528-space parking garage, but the project received significant pushback from transit advocates.
SEPTA recently authorized a long-term ground lease and development contract for the property at 101 Washington Street with Alterra, a multifamily housing developer. Transit agency leaders hope this will represent the first in the line of many public-private partnerships to develop housing on SEPTA’s underutilized land.
The planned apartment building would be market rate, according to a SEPTA spokesperson, with “appropriate parking for residents” and potential small commercial-use space.
The project would also expand the transit agency’s parking capacity with 119 dedicated parking spaces for riders. The general public would be able to use the parking spots during off-peak hours.
“We don’t currently have the funding to build the parking garage as we originally envisioned, but this development enables us to do parking and get transit-oriented development there as well,” said Jody Holton, SEPTA’s chief planning and strategy officer.
Read more about the planned project in The Philadelphia Inquirer.
