Wanamaker Building Developer Draws Inspiration From NYC Loft Conversion Projects
The Wanamaker Building’s hulking 100K SF floorplate has been a hot topic for Philadelphia’s commercial real estate community as TF Cornerstone plots a residential conversion of the mostly vacant 1.4M SF former department store and office.
Many predicted the structure would need to be cored to allow ample light into each apartment. But that’s not the approach New York City-based TFC and its partner Alterra Property Group are taking.
“Back in the day, we did a lot of these conversions in New York with very deep units in the Meatpacking District and the West Village,” TFC Senior Vice President Jake Elghanayan told The Philadelphia Inquirer.
“People loved them, and they led to a lot of the loft units that people think of when they imagine living downtown in New York.”
Deep, loft-like units are what potential renters should expect from the 600 apartments TFC plans to build, though that doesn’t mean developers aren’t thinking about creative ways to bring more natural light into the center of the building.
There’s currently a steel platform blocking a vintage glass panel on the roof.
“We’re looking to bring that back, but that’s going to require a fair bit of construction and logistical maneuvering,” Alterra Managing Partner Leo Addimando told the Inquirer. “Nothing has been finalized yet.”
The conversion project will also include new retail uses on the first two levels previously occupied by Macy’s, TFC said in a press release earlier this month. It will also preserve offices on the fourth and fifth floors as well as the Crystal Tea Room event space.
Construction is expected to begin in the first quarter of 2026 and wrap up within two years.
TFC solidified its ownership of the entire structure through a June 3 bankruptcy auction. It had previously purchased the former Macy’s space in 2019.
TFC purchased a large amount of debt tied to Wanamaker from former owner Rubenstein Partners. The Philadelphia Court of Common Pleas ruled that this entitled the company to a $120M credit in the auction.
