New York developer Dwight City Group has placed the Hahnemann University Hospital towers along with three other Hahnemann properties under contract with plans to convert them into apartments, writes Ryan Mulligan for the Philadelphia Business Journal.
Dwight City Group expects to close on the acquisition following a bankruptcy auction on Wednesday. In May, the developer submitted stalking horse bids totaling $16.25 million for all five buildings, setting the auction’s starting point.
The firm plans on creating 288 residential units with commercial space at the former patient towers at Broad and Vine streets. The two towers span 630,000 square feet.
The developer has bid $10 million on the two buildings and an additional $6.25 million for properties located at 221–223 North 15th Street, 200–214 North Broad Street, and 201–219 North 15th Street.
The conversion project is projected to last between 36 and 48 months from acquisition to delivery.
Dwight City Group CEO Judah Angster described the acquisition as an “opportunity to take something that was old and abandoned or underutilized and breathe fresh life into it.”
This would be the largest project Dwight City has undertaken since its launch in 2018.
Read more about what could become of the Hahnemann towers years after the hospital filed for bankruptcy in the Philadelphia Business Journal.
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