Simbol Commercial Inc., based in Texas, purchased the building at 911 Walnut for an undisclosed amount. Estimates show that about $20 million would be needed to convert the 32-story structure into more than 220 apartment units.
To proceed with the residential conversion plan, Simbol will need to acquire about 250 new parking places. If securing enough parking is not possible, the building may be marketed to remain as office space or to house telecommunications equipment. The building has been vacant since 1996.
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