Banks moved out, theaters moved in, and – if the price of real estate in the neighborhood is any sign – things got a lot better around South Broad Street after the birth of the Avenue of the Arts.
Back in 1993, Peter C. Soens recalls, he sold the former Girard Bank building at Broad and Chestnut Streets, now home to the Ritz-Carlton, for $2 million.
Soon afterward, Soens, a partner at the commercial building broker and manager SSH Real Estate, sold One East Penn Square, across from City Hall, for $2.1 million.
By contrast, Soens said recently, “last year, 260 S. Broad St., a similar-sized building, also basically empty, sold for $27.5 million.” The buyer, Post Bros., says it will convert the former Atlantic office building to apartments.
Read more at http://www.philly.com/philly/business/20131028_What_the_Avenue_of_the_Arts_has_meant_to_city_real_estate.html#A0AAAizI3Fxq8j78.99