A Rittenhouse Square property set for demolition has a prospective buyer eyeing it, writes Paul Schwedelson for the Philadelphia Business Journal.
The property located at 1812-14 Chestnut Street is owned by the Philadelphia Federation of Teachers, and is mostly vacant.
A demolition permit was approved on April 12.
“We have a buyer interested in the building, and we don’t have additional information to share at this time,” Philadelphia Federation of Teachers spokesperson Hillary Linardopoulos said.
At the moment, it is unclear who the buyer is and what their plans for the property are.
The Philadelphia Federation of Teachers bought the building at 1812-14 Chestnut Street for $4.9 million in 2021. At the same time, the union also bought the property next door at 1816 Chestnut Street for $2.8 million.
The two buildings are listed for sale by brokerage firm, Savills.
According to the listing, the two buildings total 53,726 square feet of retail and office space.
The demolition permit does not include 1816 Chestnut.
One door down at 1818 Chestnut Street is department store, Boyds, who rents ground-floor window space and storage space at 1812-14 Chestnut.
Read more about the Rittenhouse Square building that may not longer be up for demolition at the Philadelphia Business Journal.
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The property is next door to Boyds, which rents space at the building being eyed.
