The sale of the Edward W. Bok Vocational School at 1901
South St. in Philadelphia has closed and work on its $25 million redevelopment
is expected to get underway.
The property sold for $1.75 million in a transaction
worked out between the buyer, Scout Ltd., and the School District of
Philadelphia.
The transaction means that Scout, a new Philadelphia
development company, will move forward with plans to convert the vacant
8-story, 338,000-square-foot building into an innovative mixed-use development.
Lindsey Scannapieco, Scout’s managing partner, has been
working on plans for the building for the last six months.
Her vision for the property involves targeting the
creative community with co-working, live-work spaces, and other components such
as retail and restaurants.
The project will be built out in phases. The first will
begin in January and entails finding tenants for the first floor of the
building.
Source: Philadelphia
Business Journal
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