Bok Building Celebrates 10th Anniversary Highlighting Its Economic Impact
In 2015, Lindsey Scannapieco acquired the keys to the former Bok Technical High School, a 340,000-square-foot structure located in South Philadelphia, for an investment of .76 million. Despite facing skepticism and criticisms, particularly regarding fears of gentrification, Scannapieco envisioned the space as a hub for artists and small businesses. Today, ten years later, her vision has not only materialized but thrived, with the building achieving full occupancy since 2022.
Initially, many doubted Scannapieco’s strategy, suggesting that successful real estate ventures in the area required residential components. Bruce Benjamin, president of the East Passyunk Crossing Civic Association, noted that his early predictions regarding the Bok building’s viability were misguided. Current data shows that the building has garnered over 574 inquiries from prospective tenants within the last year, highlighting both the demand and success of the location.
Scannapieco attributes the building’s appeal to its affordability. Reports indicate that many long-term tenants are paying rents significantly below per square foot, and leases tend to be short-term, averaging two years. This pricing strategy has made the Bok building accessible to startups, small nonprofits, and a variety of creative enterprises. In addition to traditional tenant spaces, Scout Ltd., Scannapieco’s company, operates various businesses within the building, including an events business and the popular Bok Bar, which together welcomed around 150,000 visitors.
The Bok building has proven to be a catalyst for small businesses; a recent survey revealed that over 50% of tenants had never signed a commercial lease prior, and half of them launched their enterprises from home. Notably, 56% of the businesses within the building are owned by women, while one in five is owned by people of color. The dynamic environment at Bok has allowed tenants to grow alongside the redevelopment efforts, indicating a purposeful commitment to community support.
As Scannapieco looks to expand her business model with the recent acquisition of additional properties, she emphasizes the importance of combining resourcefulness, expertise, and community-centric financing options. The success of the Bok building has inspired efforts to replicate its model throughout Philadelphia, demonstrating the potential for creative collaborations in commercial real estate to foster economic development and support diverse entrepreneurial endeavors.
By championing low rents and flexible leasing, Scannapieco’s approach seeks not only sustainable profitability but also the encouragement of innovative ventures that might otherwise struggle to secure favorable terms in a competitive market. The Bok building now houses 673 workers, with a substantial percentage commuting by foot, bike, or public transport, further underscoring its community-oriented ethos. As such, the transformation of the Bok Technical High School into an artistic and commercial nexus exemplifies a successful blend of cultural enrichment and economic opportunity within an evolving urban landscape.
This initiative stands as a testament to the potential for thoughtful redevelopment to uplift communities while maintaining accessible spaces for creative and entrepreneurial spirits.
