A longtime office building next to the Plymouth Meeting Mall is getting a fresh new life as luxury apartments, writes Michael Tanenbaum for The Philly Voice.
Keystone Development is leading the transformation of the 60-year-old building at 500 W. Germantown Pike into Monarq, a 149-unit residential complex packed with amenities like a fitness center, indoor pool, and outdoor hangout spots.
The West Conshohocken-based developer has secured $42 million in funding from Arbor Realty Trust to bring the project to life, with the first phase expected to wrap up early next year. Keystone President Rich Gottlieb called the project “a game-changer” for the PREIT-owned property. The mall owner is also exploring a second apartment project at the site where IKEA once had offices.
This redevelopment trend is part of a growing wave of office-to-residential conversions sweeping the Philly region. With more remote work and rising vacancy rates, turning underused office buildings into housing is gaining traction, despite the high cost and technical challenges. Philadelphia’s pace has picked up recently, with a 136% jump in planned units year over year.
Keystone, already known for revamping the historic Curtis Center, is planning more conversions across the city, helping breathe new life into buildings that have seen better days.
Read more about the new residencies coming to the Plymouth Meeting Mall in The Philly Voice.
