After serving as Presbyterian Church offices and later as short-term rentals, the historic Witherspoon Building in Center City is being turned into a 186-unit apartment complex, writes Jake Blumgart for The Philadelphia Inquirer.
SSH Real Estate, which owns the 11-story building that dates back to 1896, decided to discontinue short-term rentals after hospitality operator Sonder declared bankruptcy last year, forcing guests to abruptly leave the property.
Leasing for year-to-year residential rentals is currently underway, with move-ins expected to start the first week of April.
“The apartment market is very strong, but the hotel market fluctuates,” said Pete Soens, founding partner of SSH Real Estate. “I’m sure it’s going to be a strong year this year for hotels [with the Semiquincentennial and World Cup in Philly], but having apartments is a much better long term plan for us.”
The building offers 158 one-bedroom units at approximately $2,500 per month, nine two-bedroom units renting between $3,500 and $4,000 per month, and 18 studio apartments. The Witherspoon also includes two storefronts, with one already leased to a brick-and-glass design studio and one that is currently an empty 2,000-square-foot space.
Read more about the Witherspoon building’s long history as one of Center City’s oldest historic high-rises and its conversion in The Philadelphia Inquirer.
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