Developer Eric Blumenfeld's acquisition of the storied Divine Lorraine Hotel could provide the crucial ingredient needed to complete a North Broad Street renaissance.
Blumenfeld emerged as the sole bidder last week for the 11-story building, a hulking, graffiti-scarred landmark that's stood for years as a glaring symbol of blight. The value of the mortgage and liens he obtained for an undisclosed price was $8 million.
Blumenfeld actually bought the building in 2003, but sold it a few years later to a group of developers who fell on hard times. His reacquisition of the site is a coup not only for Blumenfeld, but for the city, which desperately wants to see the corridor between City Hall and Temple University thrive.