Dive Transient:
- The College of the Arts has a $6.5 million bid from Philadelphia actual property investor Allan Domb for one of many establishment’s most precious properties, the Arts Alliance, in line with courtroom papers filed Wednesday.
- The trustee managing UArts’ belongings in chapter left open a window for competing bids and will maintain an public sale for the property.
- The trustee, Alfred Giuliano, additionally secured the sale of a efficiency corridor owned by UArts referred to as the Arts Financial institution for slightly below $1.8 million to Lantern Theater Firm, a Pennsylvania nonprofit. A listening to is ready for Jan. 15 to approve the sale.
Dive Perception:
UArts’ sudden closure in June shocked the town and sparked protests, authorities probes and authorized actions. In September, the college filed for Chapter 7 chapter to handle its wind-down and the liquidation of its belongings. That got here after a attainable take care of close by Temple College fell by way of in August.
Most worthy among the many shuttered non-public college’s belongings is its actual property portfolio, which incorporates iconic buildings within the coronary heart of the Philadelphia’s arts district.
The Arts Alliance constructing wasn’t initially considered one of them, because the college acquired the constructing after a 2018 merger. It stands aside half a mile away from the shuttered college’s primary campus within the tony Rittenhouse Sq. space. When it filed for chapter, UArts listed the constructing’s worth at $11.1 million.
In a Thursday courtroom submitting, Giuliano mentioned that industrial actual property agency JLL has been “aggressively advertising and marketing” UArts’ properties since November. That features sending out 27,000 emails to potential consumers, signing greater than 150 confidentiality and nondisclosure agreements with prospects, and giving greater than 40 excursions of UArts properties.
consumers had till Dec. 17 to submit formal affords. Domb’s bid for the Arts Alliance constructing was the “highest and finest provide acquired,” Giuliano mentioned, although the trustee reserved the correct to hunt competing bids, which might must be filed two days forward of a sale listening to.
Guiliano reserved the correct to pursue larger bids within the case of the college’s Arts Financial institution constructing on Broad Avenue, with any competing bids due by Jan. 13.
UArts has a number of different buildings in its portfolio left to be offered, together with the columned Dorrance Corridor and different amenities on its primary campus on South Broad Avenue. The college listed the worth of all its property at $87.1 million when it filed for chapter.
Giuliano mentioned in a December submitting that he hopes to finalize the sale of all UArts properties by Might 31.
