Atlantic Building Plans Shift Retail Paradigm

 

Photo: Nathaniel Popkin

Michael Pestronk, a principal in the real estate development firm Post Brothers, told the Hidden City Daily today that his firm’s reuse and renovation of the Atlantic Building, at Broad and Spruce, will include seven floors–110,00 square feet–of retail. The developers are marketing the space to department stores, large format restaurants, and big box retailers.

Designed by the architect Joseph Franklin Kuntz in 1922 as an office tower for the Atlantic Refining Company, the renovated building will also house about 200 apartments.

In comparison to New York and Chicago, there are few multi-story retail buildings of this nature in Philadelphia, said Pestronk.

“We definitely think there is a strong demand for retail space in Philadelphia from national firms,” he said.

One issue keeping such firms away from Philadelphia has been the configuration of downtown buildings. “The best retailers want to be near to each other on Walnut Street. The problem is that those spaces are only 3,000 square feet.”

Photo: Nathaniel Popkin

For the Post Brothers, with projects ongoing in Germantown and Callowhill, the Atlantic Building is the first foray into Center City. At 12th and Callowhill, where the firm is converting the former Goldtex factory to apartments, Post Brothers’ confrontation with city trade unions over the developer’s use of mixed union and non-union contractors has reached an “uneasy detente,” with union protests backing off and project continuing, albeit about three months behind schedule. The first tenants should move in in March, said Pestronk.

“No deal [with the unions] was made,” he said. “They decided to stop picketing. But, honestly, I couldn’t tell you what is going to happen.”

That same uncertainly surrounds the Atlantic project. Pestronk said the firm’s usual formula is still being followed. “All things being equal, we prefer to use union. We’ll bid the job out. Our hope is to be able to pick union bids because they will have offered us the best mix of cost, quality, and schedule.”

Photo: Nathaniel Popkin

Another challenge facing the project is the issue of retail signage on an historically certified building with facade easements. Any sign proposal will take four to six months for approvals by multiple agencies.

The art deco murals inside the building lobby will be preserved.

About the author

Nathaniel Popkin is co-founder of the Hidden City Daily and author of three books of non-fiction, including Philadelphia: Finding the Hidden City (with Peter Woodall and Joseph E.B. Elliott) and two novels, Everything is Borrowed and Lion and Leopard. He is co-editor of Who Will Speak for America, an anthology forthcoming in June 2018, and the senior writer of the film documentary "Philadelphia: The Great Experiment."



2 Comments


  1. Oh very encouraging! I do wonder which department store could land here and do well. I don’t know if there is a market for Macy’s to plant a Bloomingdale’s here, but that would be great.

    Everyone always mentions Cheesecake Factory, so this could finally be that opportunity to put everyone’s caloric intake off the charts.

    We do need a Bed Bath and/or a Target, but I’d rather have that at Market East or maybe on Arch St. in Logan Sq. instead of this location.

  2. The property in question, 258-62 S. Broad Street, is not listed on the Philadelphia Register of Historic Places. Therefore, the Philadelphia Historical Commission would not review proposals for signage or other alterations to the building.
    Jon Farnham, Philadelphia Historical Commission

Trackbacks

  1. Philadelphia 2035 - Page 85 - City-Data Forum
  2. Why are national retailers reluctant to locate in Center City? - Page 42
  3. Questioning Blatstein’s casino dreams | Atlantic Building mega retail | against Lit Bros roof sign | 21st and Bainbridge open | keeping winter rec programs
  4. Walnut Street renovations complete | Philadelphia Real Estate Blog

Leave a Reply

Comment moderation is enabled, no need to resubmit any comments posted.

Recent Posts
As Philadelphia Celebrates Its Growth, A Call To Be More Inclusive

As Philadelphia Celebrates Its Growth, A Call To Be More Inclusive

April 19, 2019  |  News

Last week Pew Charitable Trusts released its 2019 State of the City report. The study shows a stark divide between Philadelphia's economic growth and disparity. Kimberly Haas has the details > more

Historic Designation Committee To Consider West Philly District, Institute For Colored Youth, And Churches

Historic Designation Committee To Consider West Philly District, Institute For Colored Youth, And Churches

April 16, 2019  |  News

Starr Herr-Cardillo has the details on local register nominations up for consideration at the April meeting of the Philadelphia Historical Commission's Designation Committee > more

For Callowhill Neighborhood, Whose BIDing Will Be Done?

For Callowhill Neighborhood, Whose BIDing Will Be Done?

April 12, 2019  |  News

Longtime Callowhill residents and real estate developers clash over the creation of a Business Improvement District as the neighborhood begins to transition. Kimberly Haas has the story > more

Public Space Rises From The Stacks At Parkway Central

Public Space Rises From The Stacks At Parkway Central

April 10, 2019  |  News

Michael Bixler has this preview of the three new public spaces opening on Friday at the Free Library of Philadelphia's Parkway Central branch > more

Photo Collection Project Takes A Walk In Ed Bacon's Shoes

Photo Collection Project Takes A Walk In Ed Bacon’s Shoes

April 5, 2019  |  News

Fisher Fine Arts Library at Penn is digitalizing a treasure trove of slides from the personal collection of Philly city planner extraordinaire Edmund Bacon and they need your help. Michael Bixler has the details > more

Riding The Rails With Philly's

Riding The Rails With Philly’s “Little Engine That Could”

April 3, 2019  |  Harry K's Encyclopedia

Harry K. takes us on a field trip to the Franklin Institute where a 181-year-old locomotive has captivated railroad history buffs since 1933 > more