Blatstein's Broad St. project getting under way

Bart Blatstein : Pictured at his Piazza at Schmidts complex.
Bart Blatstein : Pictured at his Piazza at Schmidts complex.
BY VINNY VELLA, Daily News Staff Writer
Posted: April 11, 2012

BART BLATSTEIN is getting down to business on Broad Street.

The real-estate developer announced Tuesday that he's ready to begin converting the former State Office Building at Broad and Spring Garden streets into Tower Place, a luxury-apartment-and-retail complex.

"I'm in love with North Broad, and I'm ready to bring it through a transformation back to the splendor it once had," said Blatstein.

He bought the building from the state in July for $21 million and spent the intervening period preparing for his two-phase construction project. Phase 1, which starts next week, will convert the former office building into 204 luxury apartments by the end of 2012.

Once that's done, Phase 2 calls for an 18-story tower with 200 additional apartments to be built next to the building along 15th Street. A 60,000-square-foot retail space also will be completed during this phase as part of Blatstein's plans to revitalize the neighborhood.

"This area is under-retailed, and needs more stores to become a more well-rounded environment," he said. "It's also a 'food desert,' and we hope to help fill that void with our new additions."

Blatstein, who developed the Piazza at Schmidts, a retail-residential complex in Northern Liberties, said Phase 1 would create 400 construction jobs, which he hopes to fill with workers living in the area surrounding the building.

He wouldn't provide details on his plans for the Daily News and Inquirer building, which he also now owns and which sits on the south end of the block.

Contact Vinny Vella at 215-854-5926 or vellav@phillynews.com.

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