PHILADELPHIA—Now that a deal to sell the Atlantic building property to McLean, VA-based Jefferson Apartments has reportedly been abandoned, owner Post Brothers says it will move forward with plans to convert the property to multifamily.
Post was pursuing a deal to sell the 21-story, 330,000-square-foot former office building to Jefferson Apartments. With that deal no longer in play, Matt Pestronk of Post Brothers says, “We are proceeding with development, as planned. The project will be a top-notch project in all regards.”
Post Brothers acquired 260 S. Broad St. for $27 million in July 2012, according to the Philadelphia Business Journal. The locally-based firm has not made a decision as yet on whether the conversion of the Atlantic building will result in the creation of condominium or rental apartment units.
Nearby, MRP Residential intends to redevelop the Avenue of the Arts building at Broad and Chestnut streets into 220 luxury apartment units. See story in the Philadelphia Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
