Today's Philadelphia Weekly, has an update to a story they covered weeks ago about the sale of an old school building at 16th and Lombard to a developer who wanted to convert it into luxury condos. The School District sold to the developer instead of a group who wanted to convert the school into... ironically... a school, specifically the Independence Charter School.
According to the story, the developer is now selling the building to the charter school for the price he paid the school district. Apparently, his heart grew three sizes over the past few weeks:
Some area residents speculate that the developer Miles & Generalis realized neighborhood opposition to additional luxury condos would致e created a major headache for the firm.
But Alex Generalis insists his company 塗as a social conscience,� and simply embraced the residents� wish for a new school. 展hat the community wants is so diametrically opposed to our plans,� he says. 展e池e happy to help make the school happen.�
Not to sound the pessism bell too early, but could it be that he decided that the market had gotten a little too soft to be able to handle more luxury condos? Could this be the beginning of the end of the condo boom? I hope the next mayor will know how to provide a soft landing.
Hey, at least the Independence Charter School got a new building.
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