Real Estate

Rittenhouse Roundup – Real Estate Edition: From Swiss Investors To A Long-Awaited Mixed-Income High-Rise

January 18, 2026 /

The neighborhood (and adjacent!) is seeing significant real estate movement — from international buyers to the former PHA site (finally?) ready to rise after 18 years of waiting.

The real estate market around Rittenhouse is definitely having a moment — from international investors snapping up Walnut Street properties to long-dormant development sites finally springing to life.

Swiss Miss (But Make It Real Estate)

1619 Walnut Street, home to New Balance, was purchased by Swiss private investor MZP AG in a notable international real estate move.

In news that proves Rittenhouse’s appeal is global, MZP AG — a private investor based in Switzerland — purchased 1619 Walnut Street, the building that houses New Balance at street level. While we don’t have any details beyond that, it’s notable to see international interest in our stretch of Walnut Street.

The building sits in prime Rittenhouse territory, and international investors clearly recognize what we’ve always known — this neighborhood and location is pretty damn special.

The Tower at the Former PHA Site: The Ultimate Slow Build

In the most exciting news from The Inquirer for those of us who’ve been watching that empty lot at 2012 Chestnut Street for what feels like forever: construction is slated to FINALLY starting this year on the mixed-income residential tower that’s been promised since… well, 2007.

Talk about playing the long game. This project has been marinating longer than most craft cocktails.

The proposed 14-story mixed-income tower for 2012 Chestnut Street will feature 121 apartments with 40% at market rate and the remainder for tenants earning below 80% of area median income. (📸: JKRP Architects)

The 14-story building, being developed by Alterra Property Group, will have 121 apartments — and here’s what makes it special: 40% will be rented at market rate, with the rest targeted at tenants earning below 80% of area median income (that’s almost $83,000 for a three-person household). The mix is slated to include 28 studios, 63 one-bedroom, and 30 two-bedroom units.

The former Philadelphia Housing Authority headquarters at 2012 Chestnut Street — demolition began in early 2024 after years of planning.

As we’ve been documenting, demolition of the old PHA building began in early 2024, and the site is now cleared and ready. This project has been 18 years in the making — yes, 18 years! — since the Philadelphia Housing Authority moved out, 10 years since bringing on Alterra, and 2 years since demolition finally started.

The cleared site at 2012 Chestnut Street is now ready for construction to begin on the long-awaited mixed-income tower.

We’ve waited so long for this building, it could have graduated high school by now. But as this long, long, long process nears its end, we’re feeling optimistic that 2026 will be the year we finally see vertical construction begin. Fingers crossed!

Office Space (The Conversion, Not the Movie)

The office building at 1880 JFK Boulevard will be partially converted to apartments as part of the ongoing office-to-residential trend. (📸: Google)

The ongoing conversion of office space to residential continues with news from the Business Journal that 1880 JFK Boulevard will be partially converted to apartments. This follows the broader trend we’ve been seeing as office buildings adapt to changing work patterns — turns out, not everyone wanted to return to fluorescent-lit cubicles.

ETA on the conversion is still TBD, but it’s another sign that developers are betting on residential demand in our area. One person’s abandoned desk is another person’s future living room, and we’re here for the transformation.

Other Notable Sales (AKA Musical Chairs, Real Estate Edition)

Speaking of changing hands, 1601 Sansom Street — better known as the Rittenhouse Row apartments where Tapster lives at street level — has a new owner, Capano Residential. The building has had quite the identity journey over the years, previously known as The Point at Rittenhouse Row and before that, Oakwood. At this rate, we’re half-expecting it to announce a full rebrand as “The Building Formerly Known as Prince.”

The building with Tapster at street level was previously known as The Point at Rittenhouse Row and before that, Oakwood. (📸: Google)

Meanwhile, 1700 Market Street is officially on the market, per the Business Journal. The building, anchored by Wells Fargo at ground level, had a 72% occupancy rate as of September 2024, according to recent reports. Will it become residential? Not sure, but having more than the Wells Fargo and long-closed Real Food has us rooting for it’s next iteration.

For sale: 1700 Market Street, featuring Wells Fargo at street level and a 72% occupancy rate. In today’s office-to-residential conversion era, that 28% vacancy is the least of their problems.

What It All Means

All this real estate activity — from international investors to major residential conversions to long-awaited new construction — suggests the neighborhood continues to attract serious interest and investment. And the fact that we’re finally seeing movement on the PHA site after nearly two decades feels particularly significant. It’s been a long journey, but the neighborhood is about to gain 121 new homes, including dozens of affordable units.

Have real estate tips or spotted construction progress around the neighborhood? Drop us a line at rittenhouseramblings@gmail.com!