By Josh McKnight | The McKnight Team
Two projects will add 743 apartments to Center City. TF Cornerstone and Alterra Property Group are converting six floors of the Wanamaker building into 622 apartments, the Philadelphia Business Journal reported. A few blocks west, the Philadelphia Housing Authority and Alterra have started a 14-story, 121-unit building at 2012 Chestnut Street.
Center City Philadelphia apartments may not stop there. A 62-member advisory group led by Brandywine Realty Trust CEO Jerry Sweeney is preparing ideas for Market East for Mayor Cherelle Parker, and Chief Housing Officer Angela Brooks has called new housing a high priority. If you own a condo or rowhome nearby, here is the order things happen in.
Now: The First Wave of Center City Philadelphia Apartments
TF Cornerstone planned to start work in early 2026. A few floors stay as offices. The rest become loft apartments. No opening date has been announced. The Grand Court will hold smaller shops and food instead of one big store. New entrances are planned on Market Street, on Chestnut Street, and at 13th and Juniper. Plans also include a rooftop pool.
Before anything opens, know your number. Homes in ZIP code 19107, which covers the Wanamaker block, sold for a median of $332,450 from April through September 2026, at a median of 47 days to contract, per Bright MLS data in our Philadelphia housing market report. In 19103, which includes 2012 Chestnut, the median was $543,500 at 33 days, with 171 homes for sale in early October. Our read: new rentals do not add to the homes for sale. They do give a would-be condo buyer another choice. It is too early to say what that does to condo prices. If you plan to sell in the next two years, track how fast the new buildings lease up, and price off the most recent sales in your building.
Next: Market East Recommendations
The advisory group formed after plans for a Center City arena were dropped. Business leaders have discussed a mixed-use district with busy storefronts. Brooks pointed to the transit and infrastructure already on Market East as a reason to build homes there. No date for the recommendations has been set.
Watch for them. A housing-heavy plan for Market East would mean more units on top of these two projects. If you own near Market Street, you could see more construction, more foot traffic, and more competition for renters, all at once.
Mid-2028: 2012 Chestnut Opens
The building at 2012 Chestnut is set to finish in mid-2028, after about a decade of planning. The old PHA headquarters on the site came down in early 2024. The new project is estimated at $62.5 million, nearly all through federal housing funds, with $2.5 million from the city. Plans include about 2,000 square feet of commercial space and a roof deck.
Sixty percent of the units will be affordable and 40% market rate, with 28 studios, 63 one-bedrooms, and 30 two-bedrooms, according to The Philadelphia Inquirer. PHA CEO Kelvin Jeremiah has said it is the agency’s first development in Center City.
What Center City Owners Should Do Before Each Step
If you own a condo, watch rents in your building over the next year. Competition from new rentals shows up there first. It also affects what an investor will pay for your unit, since most investors price a condo off the rent it can earn.
If you own a rowhome, your buyer is less likely to be weighing a new apartment. A busier Market Street can help the blocks around it, since more shops and more people on the street make nearby homes easier to sell. Keep your home ready to list in case that window opens sooner than expected.
If you are buying, time is on your side. Condos across the city took a median of 36 days to go under contract, and in 19102 the median was 65 days. That gives you room to compare buildings, ask for repairs, and negotiate on price. Neighborhood-by-neighborhood numbers are on our Philadelphia community page.
Thinking about buying or selling in Center City? Let’s talk.
