City arts leaders are hoping that UArts' buildings being sold through bankruptcy will maintain their cultural use in the hands of new owners. What will happen with the Arts Bank building on the Avenue of the Arts will hinge on whether Judge Brendan L. Shannon deems that the building should remain an arts asset or go to the highest bidder — Quadro Bay LLC, which offered $2.71 million and plans to use the building for residential and commercial purposes. A hearing is scheduled for Feb. 5. The Pennsylvania Attorney General’s Office, which is responsible for protecting charitable interests in bankruptcy sales, objected to the sale of the 601 S. Broad St. property to Quadro Bay. It argued that Pennsylvania law requires that the donor’s intent and the charitable purposes of the property be considered. UArts had used the building, formerly home to a bank, as a 238-seat dance and performance hall since 1994.
Source: Philadelphia Inquirer; 1/22/2025