A large building in Callowhill that’s home to the Electric Factory concert venue has a new owner: A local developer just purchased the property at 7th and Willow streets for $20.1 million, according to multiple reports.
The Philadelphia Business Journal reports that Arts & Crafts Holdings inked a deal with with Callowhill Center Associates. The new owners of the building, which is listed on the National Register of Historic Places, have no immediate details regarding their plans for the building, according to the Inquirer.
Since 2015, Arts & Crafts Holdings has been buying up properties all around the fast-emerging Callowhill neighborhood, creating its own cluster of old factories that it refers to as the Spring Arts District. To date, it now owns more than a dozen properties in the neighborhood, many of which they’ve converted into residential, mixed-use, and creative offices.
The Electric Factory building sale is a big deal for the local development company, as there were numerous interested buyers. Originally built in 1916, the seven-story structure originally served as the switchgear plant for General Electric. It was designated historic in 1985.