The developers of the old West Philly High School building recently secured $24 million in funding. According to reports, the loan has been arranged by Colliers International Capital Markets and will be used for the acquisition and redevelopment of the 442,200-square-foot, four-story building at 4700 Walnut Street. The 103-year-old building was acquired by New York-based developer Andrew Bank in early 2015.
The project to gut the building and convert it into 298 loft apartments was first presented in 2012, but it took more than two years for Bank to finalize the purchase of the building.
Bank, who is the Managing Director of the real estate development company Strong Place Partners, met with community members last summer to talk about the project. During a June 2015 Garden Court Community Association meeting, Bank told the attendees that his company had obtained all necessary permits and that some work on the building was already being done, including asbestos and debris removal and construction of a loading dock on the eastern portion of the building.
Bank also said that he was waiting for a loan settlement to begin building the first 130 apartments. He added that the project may include some commercial space along Locust Street.
Construction is set to begin in 2017.
February 8th, 2016 at 9:27 pm
It’s great to see investments in our neighborhood but I worry that the bulk of the profits are destined to leave our community. Has there been any discussion and movement to develop properties that benefit our residents? So many out-of-town developers building rentals for a mobile and transient population! Philadelphia ranks fairly low in inclusive economic development. Surely we can do better.
February 8th, 2016 at 9:40 pm
Here is a link to a coalition that is working on the issues you seem to be concerned with: http://phillyaffordablecommunities.org/index.php/our-report/