The 14-story building at 1401 Arch Street is set to make the switch from court offices to apartments.
First Judicial District of Pennsylvania’s Probation and Pretrial Departments is moving from Arch Street to its new 120,000-square-foot home at 714 Market Street, the Inquirer reported. The move was announced Thursday by CBRE, which handled the deal with CVA Commercial Group.
The plan at 1401 Arch is for the new owner, Alterra Property Group, to swap out the offices for apartments. That won’t happen for awhile though, since FJD’s move from the building to 714 Market won’t be until the end of 2018.
“FJD now has the opportunity to vacate a building that was functionally obsolete for their purposes, and custom design new space in a location that is accessible to the courts, their clients and employees,” said CBRE senior vice president Michael Kane in a statement.
1401 Market dates back to 1898 and was designed by Wilson Brothers & Company as the headquarters for United Glass Improvement (UGI). A later addition by Perry, Shaw & Hepburn in 1923 was added to the tower’s south side, which is what now faces the Thomas Paine Plaza.
The building is currently zoned CMX-5, which allows for the highest and most dense development.
If and when the apartment conversion happens, it will be another residential investment along North Broad, which has been undergoing a major revitalization in recent years. 1401 Arch Street and the recently opened Aloft Hotel directly across the street would potentially serve as a gateway to the corridor.
Curbed Philly reached out to Alterra Property Group for a comment regarding the 1401 Market project. This article will be updated when we learn more. Stay tuned.