Latest news with #TFCornerstone
Axios
4 days ago
- Business
- Axios
New Wanamaker Building owner to convert office space into hundreds of apartments
The Wanamaker Building's new owner plans to convert office space in the high-rise into hundreds of apartments and open up other areas for public use. Why it matters: The transformation of the historic Center City building is the latest big shakeup to Philly's largest business hub. Driving the news: New York-based developer TF Cornerstone expects to begin construction on the anticipated two-year project early next year, it said in a news release. Context: The firm scooped up the building's fourth through 12th floors and its underground parking garage on Tuesday in a foreclosure auction. It's now the building's sole owner. The developer already owned the first three floors, which were previously filled by Macy's before the retailer left earlier this year. 🛠️ What's new: Floors 6-12 will house approximately 600 loft-style apartments, each with a minimum ceiling height of 16 feet. Amenities are TBD. Floor 3: To-be-determined cultural uses. Ground and second floor: Retail. 🎹 1 cool thing: The building's Grand Court — which includes the Wanamaker Organ — will be restored and remain open to the public. Worth noting: The Friends of the Wanamaker Organ are continuing their restoration efforts and will likely hold public performances leading up to the construction, Ray Biswanger, executive director of the group, tells Axios.
CBS News
4 days ago
- Business
- CBS News
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.
