Now that it’s under new ownership, a $13 million conversion is anticipated for the five-story building on the corner of 11th and Ludlow. Brickstone Realty Companies recently purchased the property at 15-21 S. 11th and aims to transform it into creative office space with ground-floor retail, according to the Philadelphia Business Journal’s Natalie Kostelni.
Kostelni writes that the 30,000-square-foot building was “about 20 percent vacant at the time of sale,” but will become what Brickstone VP John Connors calls “the poster child for creative office space.” Indeed, the property offers a good deal of open spaces and expansive windows since it was originally built for industrial use. Renovation is set to start sometime in 2015.
Meanwhile, Brickstone also bought another structure, this time at 106 S 11th. Brickstone’s plans for that building, often called the Baum’s building, includes a $5.5 million overhaul that includes converting the 15,000-square-foot property into retail space and 12 apartments. Construction for that project is expected to start this month.
Brickstone buys two more properties in Center City [Philadelphia Business Journal]