Construction is slated to start Mid-February on the Mural Arts Lofts building, aka the Thaddeus Stevens School of Observation just east of Broad on Spring Garden. Curbed Philly stopped by yesterday to have a chat with EB Realty Management Corp. (EBRM)'s Chris Cordaro about the project's progress, and of course do a little urbex-ing without having to climb through any windows. Earlier this month, EBRM secured a $16.2 million loan from Procida Funding, which, according to a recent press release, it will use to renovate the historic site into 56 loft-style apartments.
Developer Eric Blumenfeld says, expansively:
The architectural detail from the original design blended with a modern interpretation of loft style living will be interwoven together in an elegant way creating some of the most charming residential living opportunities yet to be presented in the Philly real estate market. During Curbed's tour of the massive building, Cordaro pointed out elements that will be restored and featured in a number of residences, including the original chalkboards, hardwood floors, cabinetry, and even the transoms above the classroom doors. The original gothic arch of the main entryway, along with most of the exterior's vibrant tile work will be restored, and the gymnasium will be converted into six two-story apartments. There are indeed plans in place for the rooftop (although in the meantime residents will have access to the lounge and pool areas at nearby Lofts at 640), which include the construction of up to three units, with one potential "Rock Star" pad with its own roof deck.
· Thaddeus Stevens School [Curbed Philly Coverage]