The long-vacant, 17-story apartment tower at the corner of 16th and Spruce streets was recently acquired by New York-based developer, Zoria Housing, write Jake Blumgart and Ryan W. Briggs for The Philadelphia Inquirer.
Years ago, Main Line-based real estate investor Dovid Daniel had a failed redevelopment project for the building, leaving it vacant ever since.
Zoria Housing’s acquisition is the result of a $7.7 million deal.
The New York real estate firm is retaining Stuart Rosenberg of SgRA as the building’s project architect.
According to Rosenberg, the company wants to complete the project within the next 12 to 18 months.
He added that the planning process is already in motion, despite not yet being visible.
While several Philadelphia-based developers had considered redeveloping the building over the years, three factors hindered it.
This includes the financials of the property, the city’s recent influx of multifamily units, and the relatively small size of the tower.
“One of the reasons why this particular organization was able to make the numbers work is because they also have a construction company so they self-perform,” Rosenberg said. “If you can acquire a property like this using your own equity, as opposed to having to borrow dollars, you have a lot more flexibility.”
Read more about the Rittenhouse Square property and future plans in The Philadelphia Inquirer.
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Editor’s Note: This post first appeared on PHILADELPHIA Today in August 2025.
