PHILADELPHIA BUSINESS JOURNAL, September 15, 2008
Last month, Bridge of Hope Community Development Corp. and the Goldenberg Group, a private Blue Bell, Pa., developer, closed on a transaction to buy the former John Wanamaker Middle School on 4.6 acres at 1111 Cecil B. Moore Ave. between 11th and 12th streets, from the School District of Philadelphia. Terms of the transaction have been disclosed. The property sold for $10.75 million, according to Concordis Key Advisors, a commercial real estate brokerage retained by the school district. The sale is one of the largest of a former school site in the city, according to Key. The Reinvestment Fund of Philadelphia financed the purchase. The site totals an entire city block and sits next to Temple University and across from Bright Hope Baptist Church. The joint venture plans to transform the property into a mixed-use project with a blend of residential, retail, parking and other community services.