A deal to sell the Atlantic building at 260 S. Broad St. in
Center City for $50 million has fallen through.
Jefferson Apartments of McLean, Va., had put the 21-story, 330,000-square-foot
former office building under agreement earlier this year. With that deal dead,
Post Brothers will move ahead with converting the property into a multifamily
complex, said Matt Pestronk of Post Brothers.
“We are proceeding with development, as planned,” he said.
“The project will be a top-notch project in all regards.”
Across the street, MRP Residential, a division of MRP Realty
of Washington D.C., plans to spend tens of millions to redevelop the Avenue of
the Arts building at Broad and Chestnut streets into a high-end apartment
property with 220 units.
Both projects continue a steady increase in residential
development along South Broad, pioneered by Dranoff Properties with Symphony
House, a condominium building that was completed in 2007. Since then, the
vibrancy of South Broad and the thriving multifamily market has spurred other
developers to seek out residential projects along the street and areas flanking
it.
Post Brothers acquired 260 S. Broad for $27 million in July
2012. While it’s certain they are moving ahead with its conversion, they have
debated whether to move forward with whether to make the units condominiums or
apartments.
Source: Philadelphia
Business Journal
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