If you're following real estate developments along the Schuylkill River and in the highly sought-after Conshohocken area, there's big news that could impact both commuters and future residents.

SEPTA Moves Forward with 300-Unit Residential Project

The Southeastern Pennsylvania Transportation Authority (SEPTA) has officially approved a development agreement that would bring a 300-unit residential building to a prime 6.5-acre parcel adjacent to the Conshohocken regional rail station. This strategic location offers direct access to transit and sits right along the Schuylkill River, making it a highly desirable spot for both residents and investors.

Alterra Property Group has been selected to lead the project, which includes:

  • 300 residential units

  • 354 total parking spaces

  • Café space offered at subsidized rent

  • 119 parking spots reserved for SEPTA commuters

This transit-oriented development (TOD) is a growing trend in urban and suburban planning, catering to residents who prioritize walkability, access to public transportation, and lifestyle convenience.

A Long-Term Investment in the Region

Alterra has agreed to a 99-year ground lease with SEPTA, valued at $333 million—a significant long-term investment in the Conshohocken corridor. SEPTA originally acquired the land in 2022 for $9.75 million through a deed in lieu of condemnation and had initially proposed a 534-space parking garage on the site.

Zoning Challenges Remain

Despite SEPTA’s support, the proposed development still requires a zoning variance from the Borough of Conshohocken. Local officials have historically opposed development proposals for the site, favoring the initial parking garage concept approved in 2023. At this time, borough officials have not commented on the newly selected plan.

Why This Matters for Buyers, Renters, and Investors

The Conshohocken area continues to be a hot spot for development due to its strategic location, transit access, and riverside views. If this project moves forward, it could significantly increase the availability of modern housing options near public transportation—ideal for professionals commuting to Philadelphia and beyond.

Whether you're a homebuyer, real estate investor, or renter, this development is one to watch.

Source: Philadelphia Business Journal, March 28, 2025