CHEVY CHASE, Md., May 7, 2013 /PRNewswire/ -- Federal Capital Partners®, Cross Properties and Alterra Property Group have announced the start of construction on the historic renovation and conversion of Philadelphia's 1616 Walnut Street to 206 luxury apartments.
The Center City landmark, just steps from Rittenhouse Square, has been rebranded "ICON" and will boast 300 degree skyline views from a new private sky deck, complete with BBQ stations, outdoor fireplaces and heat lamps. Those views will be shared from many of the new one, two and three-bedroom residences. Located in the heart of Center City's high end retail, dining and shopping district, the property will include 23,000 square feet of retail space and approximately 150 parking spaces.
"ICON at 1616 Walnut Street provides us with the opportunity to re-purpose an exceptionally well located and well maintained building in the heart of Center City Philadelphia as Philadelphia's premier apartment community," said Lacy Rice, Managing Partner of Federal Capital Partners. "We look forward to watching this wonderful property come back to life under the careful management of our team and the guidance of our local partners, Cross Properties and Alterra Property Group."
Bozzuto Group has been retained to handle the community's leasing and marketing and has plans to begin pre-leasing in October 2013 with the first apartments ready for occupancy in early 2014. For leasing information, please visit
Amenities at ICON will set a new standard for urban living in downtown Philadelphia. The 100% smoke-free building will feature extraordinary lifestyle amenities, including:
- Private rooftop dining room with fireplace
- Wifi lounges and conference rooms
- Gourmet demonstration kitchen for private functions
- Spacious club/gaming room
- Large screen media room
- Massage room
- Fully-equipped wellness/fitness center
- Yoga Studio
- Pet grooming station
- Concierge services available 24/7
- 150+ parking spaces
- Bike shop and storage
Apartments at ICON will include designer touches and high-end finishes, including:
- 9-10 foot ceilings
- Available furnished apartments
- Balconies in select floor plans
- Stainless steel, Energy Star® appliances
- Quartz kitchen countertops
- Contemporary Cabinetry
- Stone bathroom countertops with designer undermounted sinks
- Ceramic tile
- Spacious closets
Meticulous attention will be paid to the preservation of historic elements such as ornate wood-paneled walls and ceiling details. More than 1,300 historic replica windows are being installed in concert with the exacting restoration of facade metalwork and the main lobby. On the top two floors, formerly the home of the Pew Trust and John Pew, many historic elements and details will be restored as the floors are converted into apartments and common space.
Built in 1929, 1616 Walnut Street was lauded as an architectural marvel at the time, receiving top honors at the 12th International Buildings Congress in Budapest. Its advanced five-story parking garage made it one of the first properties to feature on-site parking, which was then considered a novelty. The iconic property was listed on the Philadelphia Register of Historic Places on January 7, 1982 and the National Register of Historic Places in 1983.
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $3.0 billion in assets since its founding in 1999. FCP is seeking debt and equity investments in commercial and residential real estate throughout the Mid-Atlantic region, including Washington DC, Maryland, Pennsylvania, Virginia, Delaware, West Virginia, New Jersey and the Carolinas. FCP buys assets directly as well as through joint ventures with local operating partners through equity, preferred equity or mezzanine debt investments. In December 2012, FCP was recognized by PERE Magazine as one of the Top 10 Emerging Fund Managers. The firm, based in Chevy Chase, MD, manages $769 million of discretionary capital. FCP is currently investing FCP Realty Fund II, L.P., a $529 million commingled, discretionary fund closed in 2012. For further information on FCP, please visit www.fcpdc.com.
About Cross Properties
Cross Properties is a real estate investment and development company headquartered in Philadelphia, PA. Led by a team of experienced real estate professionals, Cross Properties specializes in creating value by recapitalizing distressed and underperforming assets. Over the last 10 years, the team, led by David Blumenfeld and Kevin Michals, have acquired, developed and managed over five million square feet of office, retail, multifamily, and hospitality assets throughout the northeastern United States. For more information, please visit www.crossprop.com.
About Alterra Property Group
Alterra Property Group, LLC is a diversified real estate acquisition, development and management company based in Philadelphia, PA. The company employs a highly qualified team of professionals that handle all aspects of real estate development, investment and management, including but not limited to: acquisition, entitlement, project/construction management, asset management, property management, accounting and underwriting. During the past decade, Alterra, its three principals, and its predecessor company 806 Capital LLC, have executed over 75 real estate transactions, (re)developed over 1.5MM square feet of real estate into over 1,000 new condos/apartments, office space, medical office, retail and senior housing. In total over the past decade, Alterra and its current and former affiliates have raised approximately $150MM in equity capital, completed over $300MM of redevelopment projects, and closed almost $750MM of real estate transactions.
About Bozzuto Management Company
Voted Property Management Company of the Year in 2011 by Multi-Housing News, and in 2000 and 2009 by the National Association of Home Builders (NAHB), Bozzuto Management Company offers the finest in apartment living and management services. With more than 130 communities in exceptional locations throughout the East Coast, Bozzuto Management provides a resident experience that is truly beyond compare. The company is a subsidiary of The Bozzuto Group, a full-service real estate firm headquartered in Greenbelt, Maryland. For more information, visit www.bozzuto.com/management.
SOURCE Federal Capital Partners