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welcome to Market East

Over a year ago, we told you about 1200 Bank, a plan to convert the former Beneficial Savings Fund headquarters at 1200 Chesnut St. into a billiard hall plus restaurant plus bar plus rooftop deck/lounge extravaganza. This project seemed excellent and exciting, and would have been a tremendous shot in the arm for Market East, bringing new life and energy to a weak part of Chestnut Street. Unfortunately, the project was apparently brought down by NIMBY efforts from neighbors in the nearby White Building, primarily due to noise concerns from the proposed roof deck.

Loud deck

Building today

And so this gorgeous building, designed by Horace Trumbauer, continues to sit vacant as it has since the bank moved out in 2001. According to listing agents MS Fox Real Estate Group, the building, which was purchased by its current owners back in 2006 for nearly $3M, is available for lease at an affordable $200K/year, triple net. Which, of course, begs the question, what is name of all that is holy can possibly come into this property at something that resembles the asking price, that will do the kind of business that’s needed to meet the rent and won’t be tossed aside by the neighbors who like the neighborhood just the way it is?

Never change, buddy. White building on the left.

We honestly don’t have any bright ideas in particular, but were hoping y’all could help us come up with something. Stephen Starr, do you read Naked Philly? Jose Garces? Donald Trump? Queen of England?

It’s just such a shame that this wonderful building will, in all likelihood, remain vacant for the foreseeable future. Hey, at least the owners are current on their $60K/year property taxes! Oy.

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COMMENTS
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Posted in Market East | Tagged , , , , , , , , | 17 Comments
  • http://twitter.com/shmeyer917 SHMeyer

    NIMBY’s BOOOOOOOO.

  • bjb

    Starr has talked heavily about a dine-in move venue, possibly with separate stairs (elevator) to an upstairs continental style lounge? Nothing too loud or too Venga Loung-ish. Seems like you could fit something like this. Anything is better than the homeless people hanging out on the stairs all day. I don’t know how the commonwealth fought against this.

  • Developer Guy

    the commonwealth didn’t fight against this….the city was exited about this project …. a certain employee of Goldman of Properties who lives in the “White Building” across the street what the primary opponent of this project. he complained of potential noise…..!! he moved onto a major commercial district in Center City! and he’s concerned about noise….go live in Gladwyne or Haverford if you want Noise NIMBYISM won out again

  • Developer Guy

    the commonwealth didn’t fight against this….the city was exited about this project …. a certain employee of Goldman of Properties who lives in the “White Building” across the street what the primary opponent of this project. he complained of potential noise…..!! he moved onto a major commercial district in Center City! and he’s concerned about noise….go live in Gladwyne or Haverford if you want Noise NIMBYISM won out again

  • bjb

    Ohh, thanks for the clarification

  • Anonymous

    I’m pretty sure this passed zoning. The develop seems to have had trouble getting the cash together.

  • http://www.facebook.com/michaelpennphotography Michael Penn
  • that guy

    Yes it was nimby’s …they slowed down the project…..and the developer moved on ………

  • http://planphilly.com/eyesonthestreet/2012/09/13/mt-airy-weavers-way-reborn-council-resumes-whither-1200-chestnut-loss-tony-goldman-bob-phillips-message-in-goldtex-peace/ Mt. Airy Weaver’s Way reborn | Council resumes | Whither 1200 Chestnut | Loss: Tony Goldman, Bob Phillips | message in Goldtex peace

    [...] Plans for turning the fabulous, but vacant bank building at 12th and Chestnut into a billiard hall/r… Naked Philly writes that the property is “available for lease at an affordable $200K/year, triple net. Which, of course, begs the question, what is name of all that is holy can possibly come into this property at something that resembles the asking price, that will do the kind of business that’s needed to meet the rent and won’t be tossed aside by the neighbors who like the neighborhood just the way it is?” Thoughts? [...]

  • RLP

    If the noisy rooftop deck was the issue, wouldn’t the simple fix be to encapsulate the roof area? A noise complaint seems a bit benign to halt a project of this stature.

    Did this guy seriously expect quiet in this location? It’s a shame this will remain vacant

  • http://hiddencityphila.org/2012/09/logan-parklet-opens/ Logan Parklet Opens | Hidden City Philadelphia

    [...] Naked Philly doesn’t want you to forget the potential of 1200 Chestnut, the Horace Trumbuaer bank building that had its creative reuse denie… [...]

  • Anonymous

    Did you bother reading the article? The developer got legislative relief (not zoning) for the project and then never did anything.

  • that guy

    yes I read the article………..by the time the legislative relief happened the project was two years old………unused financing tends to evaporate…..

  • Anonymous

    On the 1200 Bank website, the first announcement was in August 2010. The spot zoning bill was passed in April of 2011. Unless I’m missing a much earlier annoucnemnt, the problem was with the developer, not the city or NIMBYs. Maybe the NIMBY slowed it down by a couple of months, but if the funding was that inflexible, this project wasn’t happening regardless.

  • OldCityResident

    The stink from homeless people loitering on the steps of this building is UNBEARABLE, just got a whiff of it today (once again). It is interesting how few loud talking people would “represent” the neighborhood, while “silent majority” never speaks out. There got to be some reaction for this kind of action, yet I’ve never seen one.

  • Developer Guy

    Do you know anything about real estate development?……….I guess you think the announcement and website creation correlate to when the project actually started moving? wrong…this project began in 2008

  • http://www.facebook.com/michaelpennphotography Michael Penn

    LOL. I’m closer to this than you think.

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