The abrupt closure of the University of the Arts, which has operated in Center City since the 1800s, will put a large real estate portfolio featuring some of downtown Philadelphia’s most recognizable buildings on the market. A 2022 city tax assessment estimated the combined market value of the university’s structures at about $162 million. The university's holdings include several historic buildings, a soaring former 19th-century hotel, and several other large high-rises. “The abrupt nature of the closure and how it's being done means there isn't any real planning happening in terms of the transition, it’s potentially all going to be sold at fire sale,” said state Rep. Ben Waxman (D-182), whose district includes the area. “This has huge implications for all of downtown. These are prime pieces of real estate in Center City at the same time as we have a commercial real estate crisis looming.”
Source: Inquirer; 6/4/2024