Old City apartment complex makes its debut

Alterra Property Group has completed its $22 million Shirt Corner apartment development in the Old City neighborhood of Philadelphia.

The 5-story project at 3rd and Market streets stands on the site of the former Shirt Corner, a retailer that had spent decades on the site.

Leo Addimando sitting in the lobby of the project that his company, Alterra Property Group, recently completed.

Even if you never shopped at Shirt Corner, you were familiar with its iconic red, white and blue facade. The store's name was also painted in those patriotic colors.

Alterra set out on the project back in 2013 and it ended up being an undertaking that was complicated by some unforeseen issues.

Leo Addimando, who heads up Alterra, gave the Philadelphia Business Journal a tour of the project and discussed Shirt Corner, the Philadelphia multifamily scene and where he sees his company headed. I write about our conversation and the challenges he faced with the Old City development in the Philadelphia Business Journal's print edition that will come out this Friday.

In the meantime, check out how the project looks in this photo gallery.

The development has 59 apartments — half of which are already leased up — and retail space, including a CVS sold to another entity in June, on the street level.

In addition to naming it Shirt Corner, Addimando paid homage to the retailer with several creative motifs that have been placed throughout the building.

Source: Philadelphia Business Journal