Two buildings on Chestnut Street owned by the Philadelphia Federation of Teachers and the former site of Freeman’s auction will likely be the site of a new residential project, writes Jake Blumgart for The Philadelphia Inquirer. 

The plan calls for a high-end condo-and-rental building with fewer than 100 units.

The Philadelphia Federation of Teachers recently reached an agreement of sale for the two properties with Tim Shaaban’s Astoban Investments. Demolition permits have been pulled on both buildings.

Located near historic clothier Boyds, the Center City Residents Association noted that the developer is going to try to preserve the facades of the union buildings and the historic Freeman’s auction house. 

“The good news is they’re not being torn down,” said Richard Gross, president of CCRA. “We want this project to reflect the beautiful historic context of that street. [Shaaban] understands that and he’s willing to negotiate with us.”

While a specific unit count is premature, Shaaban estimated that between 30 and 40 condo units will be available for purchase and rental.

Astoban’s business model is focused heavily on small, high-end condo buildings that rise above and behind historical buildings.

Read more about the two residential buildings coming to Chestnut Street at The Philadelphia Inquirer. 

_____