Local developer Arts & Crafts Holdings has snatched up another property in the greater Callowhill neighborhood, continuing its mission to redevelop the neighborhood into a place for the creative economy.
The developer announced that it bought the warehouse at 418 N. 8th Street, which currently serves as a creative office space for a number of businesses. The building dates back to 1896 when it served as the home of Bailey Cardboard Boxes. In the nineties, it was converted into loft-style office space.
The plan is to restore the building’s historic exterior, spruce up its interiors, and bring food and retail to the site.
“Our strategy is to present this zone as a differentiated office sub-market for Philadelphia’s emergent creative economy,” said Aaron Cohen, co-owner of Arts & Crafts Holdings, in a statement.
It’s the latest buy for the developer, which most recently became owners of the Electric Factory building next door.
The purchase comes at a time where there’s a deluge of luxury rental apartment buildings and a lack of office space in Center City. And research shows that amenity-laden work spaces are on trend, with more tenants looking for creative workspaces over traditional office layouts. Arts & Crafts Holdings says they plan to capitalize on that at a time when leasing prices for office space in the core of Center City rises.
With the latest purchase of 417 N. 8th Street, the company now has the keys to 15 properties in the greater Callowhill area, five of which are office spaces.
Said Cohen, “The northern edge of Center City is where the creative economy that will form the future of Philadelphia is brewing.”