All of Philly's former UArts buildings have sold: What's next
The fire sale for the University of the Arts' real estate portfolio in Center City has wrapped up.
Why it matters: The new owners of the nine prized buildings are reimagining the city's central business and arts hub and ushering in new commercial and residential spaces.
State of play: The final available UArts building, Gershman Hall, sold in Delaware's U.S. Bankruptcy Court this month.
DSA 401 Lifetime LLC purchased the former theater and learning space at 401-11 S. Broad St. for more than $6.7 million, per court documents.
The intrigue: It's unclear what the Delaware-based LLC is planning for the building, which is located between Suzanne Roberts Theatre and the Kimmel Center.
The company is connected to Philly-based real estate investment firm Lubert-Adler.
A lawyer for DSA 401 declined Axios' request for comment; Lubert-Adler did not return calls seeking comment.
The big picture: The sales are an encouraging sign for Center City's expansion and renaissance, Drexel University economist Kevin Gillen tells Axios.
"The repurposing, reuse and redeployment of historic properties to updated uses is not only the kind of socially conscious development that Philadelphia is well positioned for, it is also the kind that Philadelphia can serve as an example of," he added.
Here's what's coming for the eight other buildings sold during the bankruptcy.
🖼️ Hamilton Hall: The Greek Revival-style building with large columns on Broad Street is expected to house an affordable arts studio, workshop and gallery spaces.
A restaurant there is also possible.
🏠 Furness Hall: The former UArts dormitory behind Hamilton Hall is likely to become affordable artist apartments.
Scout, the design firm that repurposed South Philly's Bok Building, owns both Furness and Hamilton Halls.
🥤Anderson Hall: The nine-story building at 329-335 S. Broad St. is expected to become apartments, with food retail on the ground floor, as well as artist spaces or offices, per the Inquirer.
Dwight City Group, a New York-based commercial real estate company, paid $8.5 million for the property.
🎓 Terra Hall: The 17-story building at 211 S. Broad St. is expected to house Temple University Center City, which offers adult learning and enrichment.
Temple University bought the building, the largest among the UArts buildings up for bid, for $18 million.
🛍️ Arts Bank: The four-story building at 601 S. Broad St. could have commercial space on the ground level with residential units above, per WHYY.
Delaware-based Quadro Bay LLC purchased the building for $2.71 million.
🎷 Art Alliance: Curtis Institute of Music is expected to turn this Rittenhouse building into a space for music-related rehearsals and workshops, as well as administrative needs.
The institute bought the building for $7.6 million.
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