Arts Bank on Broad Street granted historic preservation protections amid upcoming redevelopment plans.

The Philadelphia Historical Commission has officially voted to include the Arts Bank building, located at 601 S. Broad Street, on the Philadelphia Register of Historic Places. This unanimous decision protects the 96-year-old structure from demolition and imposes restrictions on any significant alterations to its exterior without prior approval from the Commission.

Recently, the Arts Bank was sold during an auction of former University of the Arts properties to Quadro Bay LLC, a development firm that secured the seven-story building with a bid of .71 million. Plans by Quadro Bay reportedly involve converting the space from its traditional role as a performance venue to a mixed-use residential building, which may also feature commercial components. Notably, no representative from Quadro Bay attended the Commission’s hearing, and the Preservation Alliance of Greater Philadelphia, the organization that nominated the building for preservation, indicated it had received no direct communication from the new owners. Quadro Bay has not yet issued any public statements regarding their intentions for the property.

Paul Steinke, Executive Director of the Preservation Alliance, expressed concern over the future of the Arts Bank, particularly in light of its recent change in ownership. He emphasized the importance of the building’s historical significance to the Avenue of the Arts, stating that while redevelopment is possible, the preservation status now assures that the building’s cultural legacy will endure.

The approval for the Arts Bank’s nomination comes amidst broader efforts to safeguard Philadelphia’s architectural heritage. This recent action brings the total number of former University of the Arts buildings with historic preservation protections to seven, leaving only Anderson and Terra Halls without such status.

Designed by Ralph B. Bencker, a distinguished Philadelphia architect known for projects like Rittenhouse Plaza and the Garden Court apartments in West Philadelphia, the Arts Bank was originally constructed in 1929 as the headquarters for the Southwestern National Bank. This financial institution, established in 1886 to serve Philadelphia’s growing southwestern community, encountered significant challenges, including failing during the Great Depression along with 30 others in the city in 1933.

Over the decades, the building has been repurposed for various uses, including a different banking institution, a concert venue, and even a pizza parlor, before eventually closing its doors. In 1994, the University of the Arts acquired the building with the support of a generous .37 million grant from the William Penn Foundation.

Following the bankruptcy of the University of the Arts, the process of selling its assets commenced. Quadro Bay emerged as the leading bidder, narrowly surpassing the Lantern Theater Company by 0,000. The Pennsylvania Attorney General’s Office raised objections, arguing that the substantial donation from the William Penn Foundation should prioritize keeping the building for artistic use, particularly in opposition to the Lantern’s bid. Despite these protests from local politicians and advocacy groups, Quadro Bay was awarded ownership of the Arts Bank in February.

The inclusion of the Arts Bank on the historic register marks a critical moment in Philadelphia’s ongoing efforts to preserve its cultural landmarks while navigating the complexities of urban development and historical integrity.