West Conshohocken-based Keystone announced on March 19th that it has secured $42 million in financing from Arbor Realty Trust for Monarq, a 149-unit luxury apartment community adjacent to the Plymouth Meeting Mall in Plymouth Meeting (Plymouth Township). The project repurposes a 175,000-square-foot office building into “walkable, wellness-focused apartments, reinforcing Keystone’s leadership in office-to-residential redevelopment.”
Keystone has an established track record of converting office spaces into residences. Previous projects include The Lyndon, Keystone’s office-to-residential conversion at the historic Curtis building in Philadelphia. The developer continues to expand its portfolio with projects like 400 Market in Philadelphia, a 176-unit development, and HYVE in Miami, a 221-unit project currently underway.
“Monarq is a game-changer for this market,” said Rich Gottlieb, president and COO of Keystone. “With this financing, we’re one step closer to delivering a design-forward community that prioritizes well-being, social engagement, and convenience.”
Keystone describes Monarq as follows:
Monarq blends sophisticated design, wellness-centric features, and urban walkability in a suburban location. Residents will enjoy direct access to Whole Foods, dining, retail, and entertainment, plus seamless connectivity to major highways, including I-476 and I-276. The residences maximize natural light, with select units featuring private balconies. A reimagined exterior and elevated arrival experience create a welcoming atmosphere, complemented by a state-of-the-art fitness center, indoor pool, outdoor communal spaces, and co-working lounges. Additional amenities include private screening room, resident social spaces, smart home features, and enhanced soundproofing.
Monarq is one of two at the apartment projects at the mall. PREIT, which owns most of the mall property, has worked for several years to construct an apartment community on the site of the former IKEA office building on the Whole Foods Market side of the mall. Plymouth Township’s council amended its zoning code to allow apartments by conditional use, but PREIT has not yet sought that approval. The last plan discussed publicly involved 275 units.
The first phase of Monarq is expected to be delivered by Q1 2026, with leasing details to be announced soon.
Photo: Keystone