Philadelphia Historical Commission Safeguards Arts Bank Building

Philadelphia Historical Commission Protects Arts Bank Building from Redevelopment

The Arts Bank building located at 601 S. Broad St. in Philadelphia has officially been added to the Philadelphia Register of Historic Places. The Historical Commission voted unanimously to safeguard the 96-year-old structure against demolition and significant exterior alterations, a decision that could have lasting impacts on the future of the building and the surrounding arts community.

This decision comes amidst the backdrop of Quadro Bay LLC’s plans to potentially redevelop the Arts Bank into residential apartments, possibly incorporating commercial space. Quadro Bay purchased the building for $2.71 million during the auction of properties previously owned by the now-defunct University of the Arts, which shuttered its doors in May 2023.

Preservation Efforts and Opposition

The Preservation Alliance of Greater Philadelphia played a crucial role in nominating the Arts Bank for historic protection, highlighting concerns that drastic changes would threaten the building’s cultural and historical significance. Paul Steinke, the executive director of the Preservation Alliance, underscored the need to preserve the building’s contributions to the Avenue of the Arts, a key cultural corridor in the city.

While the Historical Commission’s meeting was held without representation from Quadro Bay, the company’s plans remain unclear as they have not publicly commented on the matter. The sale of the Arts Bank was not without controversy; it faced opposition from the Pennsylvania Attorney General’s Office and various local advocacy groups who preferred the building’s continued use for arts-related purposes, notably by the Lantern Theater Company.

Historical Significance

This architecturally significant building was designed by Ralph B. Bencker and constructed in 1929 for the Southwestern National Bank. After its initial operation, the bank failed during the Great Depression in 1933, and the building later served various functions before being acquired by the University of the Arts in 1994 through a substantial gift of $6.37 million from the William Penn Foundation.

Currently, the Arts Bank is one of seven former University of the Arts buildings to receive historic preservation protections, with only Anderson and Terra halls remaining vulnerable to potential redevelopment. Concerns had been raised about the loss of the building, especially considering its valuation of $11.1 million at the time of the University’s bankruptcy filing in September 2023.

Bankruptcy and Future of Arts Spaces

The abrupt closure of the University of the Arts triggered a Chapter 7 bankruptcy filing, which is leading to the liquidation of its assets, including iconic structures in Philadelphia’s arts district. The bankruptcy trustee is working diligently to finalize property sales by May 31, with the total value of these assets exceeding $75 million. The discussions surrounding these auctions have sparked broader conversations about the future of arts spaces in Philadelphia.

Other notable transactions from the University of the Arts include the sale of the Art Alliance building to the Curtis Institute of Music and Terra Hall to Temple University. The actions surrounding the sale and preservation of UArts properties highlight the tension between commercial redevelopment interests and the need to maintain cultural heritage within the community.

Conclusion

The Historic Commission’s recent decision to protect the Arts Bank building reflects a growing awareness of the importance of preserving Philadelphia’s artistic heritage and preventing the loss of historically significant structures. As discussions regarding the future of the Arts Bank continue, the focus remains on balancing development needs with the preservation of the rich cultural landscape that the building represents.