Ben Franklin House gets $13 million renovation

When Korman Communities bought the Benjamin Franklin House in Center City three years ago, the lobby looked more like a bus station rather than a comfortable common area to an apartment building.

The lobby was open to the public and a mob scene, said Brad Korman, co-chief executive officer of Korman Communities of Plymouth Meeting, Pa.

Pedestrians would use the space to duck out of inclement weather or as a cut through from Chestnut Street to 9th Street. People who had appointments with doctors that lease space in the building would mill about the lobby. Others wouldn’t think twice about stepping inside to give a baby a quick diaper change.

Residents essentially had to share their lobby with the public and forgo one of their main amenities, and in most cases, they would scurry fast past the unwanted visitors. The status quo just wouldn’t do.

“The Ben” was designed by Horace Trumbauer and constructed in 1925 as the Benjamin Franklin Hotel. It had a grand ballroom and lobby and, at the time, was the largest hotel in Philadelphia with 1,200 rooms. Over the decades, the grand hotel was frequented by presidents and dignitaries.

By the 1980s, the hotel ceased operations and in 1986, the previous owners converted the hulking 23-story building into a multifamily complex with 412 units. Apartments on the top two floors are bi-level and referred to as “townhouses in the sky.”

As part of that conversion, the previous owners left 125,000 square feet as office space, which is used by physicians. The ballroom, which can accommodate 350 people, is master leased by a catering company that arranges events in the space. Portions of the movie “Silver Linings Playbook” were filmed in the ballroom.

A basement, which is now underground parking, had been transformed into a Gold’s Gym.

It was in bad shape.

“We wanted to bring this back and create something special,” Korman said. “It has great bones that had been invisible for years.”

It wasn’t easy or cheap. Korman has so far spent $13 million.

A dedicated entrance for the residents was established on Chestnut Street and an office entrance was created on 9th Street. A secure “floating” wall was installed in the lobby to demarcate the space the public could use and the area set aside for those who lived there.

The lobby was extensively renovated and brought back to its original grandeur. Corridors and other common areas and the elevators were upgraded. Of the 412 apartments, Korman has set aside 90 as furnished. The company is steadily gutting and upgrading units as they come available and is on course to do about 30 apartments a year. The retail space was also improved and made to be an amenity not only for the residents but the neighborhood. A DiBruno Brothers leased space and a coffee shop put in. A restaurant is in the works for the corner of 9th and Chestnut.

Apartment occupancy has remained at 95 percent and average rents have bumped up to $1,800 a month from $1,500.

“We had a clear vision of what we wanted to do and it’s been transformational,” Korman said. “The reaction has been better than expected.”

Source: Philadelphia Business Journal