4 days ago
600 loft apartments planned for historic Wanamaker Building in Philadelphia
New York developer TF Cornerstone plans to build 600 loft-style apartments above the shuttered Macy's store in the historic Wanamaker Building in Philadelphia after acquiring complete control in a foreclosure auction Tuesday.
TF Cornerstone said the apartments will be built on floors 6 through 12, while floors 4 and 5 will remain office space.
The Wanamaker Organ will continue to be in use, and the Grand Court will be restored and remain open as a public space, according to the New York City-based real estate development firm. The Crystal Tea Room will also continue to serve as a venue for events.
The first two floors of the former Macy's will feature a "well-curated" retail space, and the third floor will be of "one or more cultural uses," according to a news release.
TF Cornerstone owned part of the building that housed the Macy's in Center City before Tuesday's foreclosure auction, which gave it total control.
"Throughout this entire process, we have considered the deep historical and sentimental value of the Wanamaker Building to the Philadelphia community," TFC senior vice president Jake Elghanayan said in a statement. "Now, as the building enters its next chapter under our helm, we feel privileged to be given the opportunity to reimagine this iconic building in a way that respects its historic integrity and adds to the vibrancy of the Center City community."
Macy's announced in January that its store at the iconic Wanamaker Building would be part of the retailer's closure of 150 underperforming stores. The store's last day was in March.
The organization Friends of the Wanamaker Organ has maintained and continues to use the historic organ.
"The Friends of the Wanamaker Organ has been enjoying a very close and fruitful relationship with the new owners of the Wanamaker Building, TF Cornerstone and look forward with gratitude to many years of a productive and artistic partnership," Friends of the Wanamaker Organ executive director Ray Biswanger said in a statement.
Construction is scheduled to begin in 2026.
