Which University of the Arts buildings have sold
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Temple University is now the proud owner of Terra Hall on South Broad Street, the largest UArts building involved in the bankruptcy sale so far. Photo: Courtesy of JLL
One-third of the defunct University of the Arts' prized buildings has been scooped up in its bankruptcy sale.
Why it matters: New landlords will shake up the scene in Center City, bringing fresh projects and potentially new commercial and residential spaces.
The big picture: Interest in the properties has been high, as developers and institutions have a once-in-a-generation opportunity to acquire prime Philadelphia real estate in a fire sale.
State of play: Three of the nine available buildings have been awarded to the highest bidder in Delaware's U.S. Bankruptcy Court. They are:
Temple University: The school bought Terra Hall on South Broad Street for $18 million, the largest UArts building sale so far.
- The high rise is expected to house Temple University Center City, which offers adult learning and enrichment.
Quadro Bay LLC: The developer purchased the Arts Bank on South Broad for $2.71 million.
- Quadro's attorney told a judge they're considering turning the ground space into a commercial development, with residential units above, WHYY reports.
- The LLC is based in Delaware.
Curtis Institute of Music: The music school got the Art Alliance building in Rittenhouse for $7.6 million.
- Curtis spokesperson Patricia Johnson tells Axios that they'll likely use the space for music-related rehearsals, master classes and workshops, as well as administrative needs.
Meanwhile, multimillion-dollar bids have come in for most of the remaining buildings, per court documents. What's left:
- Juniper Hall, at 311 S. Juniper St., which has drawn an $11.6 million bid.
- Spruce Hall, at 1224-1234 Spruce St., which has a $7 million bid.
- Hamilton Hall, the Greek Revival-style building with large columns on Broad Street, and Furness Hall, at 1499 Pine St.: $12 million combined.
- Anderson Hall, at 329-335 S. Broad St.: $8.5 million.
- Gershman Hall, 401 S. Broad St., has yet to receive a bid, per court documents.
Zoom in: New York-based commercial real estate company Dwight City Group has placed the leading bids for Hamilton Hall, Furness Hall and Anderson Hall, per the Inquirer.
- For Hamilton Hall, the company has proposed a cafe restaurant, gallery and spaces for artists, per the outlet.
- Plus: The company would convert Furness Hall, which is attached to Hamilton Hall, into luxury apartments, and use Anderson Hall primarily for residential purposes.
It remains unclear what the bidders want to do with the buildings.
What's next: Court hearings to potentially approve sales for some of the buildings are scheduled this month.