Friday’s sudden announcement of the University of the Arts’ closure this week has cast uncertainty over the future of its real estate holdings in and around South Broad Street. Center City stakeholders remain hopeful about the properties, with local developers and nonprofit leaders expressing optimism that the UArts buildings could be repurposed—potentially as a blend of apartments, hotels, and cultural institutions.

The university’s real estate portfolio along South Broad Street’s Avenue of the Arts was valued at $94 million in its latest tax filing. Many of these buildings are historic structures in prominent locations, making UArts the largest property owner on Broad Street between City Hall and Washington Avenue, according to Laura Burkhardt, Executive Director of the Avenue of the Arts nonprofit, which promotes development, beautification, and marketing for the arts district.

*Article courtesy Philadelphia Business Journal

For more information about Philadelphia space for sale or lease, please contact WCRE at 215-799-6900.Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors, and sellers.

Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.