Bankruptcy sale of UArts' Center City buildings sees high interest
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UArts' Hamilton Hall, the oldest extant building on South Broad Street, is up for grabs. Photo: Courtesy of Beyond My Ken/Wikipedia Commons
The clock is ticking for anyone interested in scooping up prized Center City real estate from the now-defunct University of the Arts.
Why it matters: The sale of nine buildings on or near South Broad Street is a chance to redefine the city's core commercial and arts hub.
State of play: Interest is running high ahead of the Wednesday deadline to submit bids, with major players like Temple University and Philly developer Carl Dranoff considering jumping in the mix.
- At least 40 tours have been given of the properties, per a spokesperson for real estate services company JLL, which is handling the sale after the university filed for bankruptcy.
- The buildings — which include offices, apartments, and the iconic Hamilton Hall — can be purchased on an individual basis or in bulk, per JLL's website.
Zoom in: Dranoff has toured the properties but is still weighing whether he'll bid, company spokesperson Barbara Gall tells Axios.
- Temple University is also eyeing at least one building but declined to say which, per the Inquirer.
Context: Five of the former UArts properties are on South Broad Street, including the Arts Bank and Furness Hall.
- Three others are nearby in South Philly, like the Arts Alliance building in Rittenhouse Square.
By the numbers: 760,000 square feet of space is up for grabs across the properties.
- The buildings can be used for a variety of purposes, like housing, office, retail, entertainment and hospitality, per JLL's website.
Yes, but: Five have historic designations, which will limit what can be developed there.
The big picture: The larger Avenue of the Arts area has seen an influx of new developments in recent years, including hotels, apartments, condos and restaurants.
- And the sale comes as a $100 million plan is in the works to overhaul parts of the Avenue of the Arts with new green space, art and public amenities.
- The nonprofit behind the project, Avenue of the Arts Inc., is seeking funding to complete the bulk of the project, but it's aiming to get started on the first phase by April 2025. That would improve the area in front of the Kimmel Center.