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Abandoned Independence Press Building Sells for $5M

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It looks like something will finally come of the blighted Independence Press Building in the Loft District. The former printing factory located at 525 N. 11th St. was sold to P.A. Ridge Associates for $5 million last Wednesday as a "shovel-ready project" from Kislak Company, Inc. The 156,000-square-foot, nine-story building has long been approved for 92 loft-style luxury residential units, and according to a press release, the new owner will forge ahead with the residential project. Some of the units will feature private roof decks and the property will also include indoor parking. "The buyer was eager to acquire a historic building that was ready for immediate redevelopment in an up-and-coming neighborhood," said Anthony Palmetto of P.A. Ridge Associates in the release.

The Independence Press Building was built in 1917 and first served as headquarters for paper box production companies. It later became a printing operation in the 1970s. It last sold in 2014 at an auction for $3.1 million, well below its original asking price of $6.9 million.

·PA Ridge Associates acquires Independence Press Building [GlobeSt]
·Abandoned Factory Once Asking 6.9M Now on Auction Block With A $3.1M Ask [Curbed Philly]