The very cool Kimpton Hotels has an agreement to purchase Lafayette Building from the Northern Group on the corner of 5th & Chestnut overlooking Independence Mall. The sold price is not public, but it was once listed at $25 Million and it was reduce to $15 Million earlier this year.
Ironically, the owners sold their Architects Building at 117 S. 17th St to Kimpton Hotels about 4 years ago. It is now the hip 230 room Hotel Palomar. It is expected that they will need to spend in excess of $70 million to convert the property into a 270-room hotel and restaurant.
The building has been vacant for a few years and made this VERY high traffic corner look super shoddy to thousands of tourists that pass by daily. Moreover, the big FSBO sign in the window could not have been uglier.
So, we are quite excite that the corner will be improving soon. However, we truly hope that the poor old horses that sit in front of it until they are forced to drag heavy carriages through the crowded streets of Old City all day will be moved and not have to endure being in front of a loud and dusty construction site. We hope the newly formed animal rights group PAN who has been taking up the cause of the horses will be influential in this as well.
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