PHILADELPHIA—Post Brothers Apartments hascompleted a $42 million renovation and rehabilitation of the106-year old Goldtex shoe factory, covering theoriginal structure at 12^th and Vine Streets in anenergy-efficient envelope that gives it a modern, sleek appearance.The rebuild also positions the property for pending certificationas the city's first LEED Silver multifamily property with more than100 units.

“We put an entirely new envelope on the building that made itlook modern, but more importantly made it extremely energyefficient,” Michael Pestronk, PostBrothers founder and CEO tellsGlobeSt.com exclusively. “We achieved rents therethat are equivalent of those on Rittenhouse Square, by having aproduct that is much better than anything anyone else has tooffer.” Rents average $2,500 a month, and apartments are about 800square feet.

The Goldtex factory opened in 1908, the same year Henry Fordproduced his first Model T and the Chicago Cubs won their lastWorld Series. Philadelphia City Hall – only a half-mile from thefactory – was still the tallest building in the world.