This Week’s Philadelphia Deal Sheet: Scout Seeks Public Input On Former UArts Property Redevelopment
The company plotting the upcoming redevelopment of two former University of the Arts properties is looking for public feedback as it formulates its plans.
Scout, which paid $12.5M for Hamilton and Furness halls through the defunct school’s bankruptcy proceedings last week, posted a survey on its website. The goal is connecting with people looking to offer expertise or donated funds for the space as well as reaching artists and small businesses interested in the project.
The company already has some general plans for the buildings, which are expected to cost between $13M and $18M to renovate, Scout Director of Development Everett Abitbol told Axios.
Hamilton Hall, the columned building at 320 S. Broad St., will likely be turned into studios, workshops and gallery spaces. The adjacent Furness Hall is slated to become affordable apartments for artists.
Scout is looking for investors in the project and considering the possibility of a crowdfunding campaign.
The company is best known for its work on the Bok Building in South Philadelphia.
PEOPLE
Conshohocken-based CenterSquare Investment Management has promoted Steve Carroll to head of international capital markets. He has more than three decades of experience in the real asset industry.
SALES
The 105-room Roosevelt Inn motel in Northeast Philadelphia has sold for almost $5.4M, the Philadelphia Business Journal reported. The sale breaks down to more than $50K per room.
LEASES
Dan Higgins Flooring has renewed its nearly 11K SF lease at the Medford Industrial Park in South Jersey. Owner Velocity Venture Partners is currently selling the property as an investment opportunity. NAI Mertz is the listing broker.
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Club Studio Fitness is planning a new 50K SF outpost at Federal Realty Trust’s Wynnewood Shopping Center in Delaware County. The company's first Pennsylvania location is expected to open in spring 2026.
CONSTRUCTION AND DEVELOPMENT
WareSpace, which offers short-term industrial and office leases in various major metros across the U.S., is opening a new Philadelphia location at 3500 Scotts Lane. WareSpace is aimed at businesses that need small warehouse spaces that can be sized up or down.
The location is in the East Falls neighborhood, adjacent to Manayunk and near Route 1 and Interstate 76.
