Stavin and Ann Bailey of that office are marketing the package for the seller, which is a partnership among locally based EB Realty Management Corp., Oaks-based Acorn Development, and Bethesda, MD-based Bresler & Reiner. "The sellers acquired the adjacent four acres of ground from the Philadelphia School District," Stavin says, "so the property is poised for revitalization."
The hotel, which was constructed in 1884, is listed on the National Register of Historic Places. In the late 1930s, Father Divine, a charismatic religious leader and self-proclaimed deity, owned the 125,000-sf, 264-room hotel. It was later occupied by a peace movement, which, unable to fund renovation, exited in 2000.
The current owners acquired the hotel in 2003 at an undisclosed price from New York-based Goldman Properties, which had bought it for approximately $2 million in May 2000. As recently as August 2004, a representative of the current owner-partnership told GlobeSt.com of preliminary, not fully developed plans to convert the building into residences. Stavin says the property is suitable for residential, retail, and/or institutional adaptive reuse.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.