600 loft apartments planned for historic Wanamaker Building in Philadelphia
New York developer TF Cornerstone plans to build 600 loft-style apartments above the shuttered Macy's store in the historic Wanamaker Building in Philadelphia after acquiring complete control in a foreclosure auction Tuesday.
TF Cornerstone said the apartments will be built on floors 6 through 12, while floors 4 and 5 will remain office space.
The Wanamaker Organ will continue to be in use, and the Grand Court will be restored and remain open as a public space, according to the New York City-based real estate development firm. The Crystal Tea Room will also continue to serve as a venue for events.
The first two floors of the former Macy's will feature a "well-curated" retail space, and the third floor will be of "one or more cultural uses," according to a news release.
TF Cornerstone owned part of the building that housed the Macy's in Center City before Tuesday's foreclosure auction, which gave it total control.
"Throughout this entire process, we have considered the deep historical and sentimental value of the Wanamaker Building to the Philadelphia community," TFC senior vice president Jake Elghanayan said in a statement. "Now, as the building enters its next chapter under our helm, we feel privileged to be given the opportunity to reimagine this iconic building in a way that respects its historic integrity and adds to the vibrancy of the Center City community."
Macy's announced in January that its store at the iconic Wanamaker Building would be part of the retailer's closure of 150 underperforming stores. The store's last day was in March.
The organization Friends of the Wanamaker Organ has maintained and continues to use the historic organ.
"The Friends of the Wanamaker Organ has been enjoying a very close and fruitful relationship with the new owners of the Wanamaker Building, TF Cornerstone and look forward with gratitude to many years of a productive and artistic partnership," Friends of the Wanamaker Organ executive director Ray Biswanger said in a statement.
Councilmember Mark Squilla says Philadelphia officials are excited about the plans and view them as part of a larger vision to revitalize the business corridor. The councilmember anticipates the city will work closely with TFC throughout the process.
"I think we'll have a lot of momentum with really people saying, this is not just high in the sky anymore. Something is really going to happen," Squilla said.
Eric Solomon, who practices law in Center City, says he sees potential in the plan.
"It would be a great idea," Solomon said. "I think that the east side of Broad Street definitely needs to be built up. And since the Sixers backed out of their renovation of Market East, which was a fraud from the very start, this would be a good start. I think we'll be very involved with partnering with them to see how we can assist in making sure this project moves forward, because it's key to us to not create delays."
But other Philadelphians are still grieving for what once was.
"I miss Macy's so much, I really, really do," Celeste Hollis-Logan said. "And I don't want to go all the way to Cherry Hill to go to Macy's."
If all goes according to plan, construction is expected to begin in early 2026.
As for the plans for the eagle? Developers haven't announced how they'll incorporate that into their vision, but since the statue and the organ are both listed on Philadelphia's Register of Historic Places, they are protected.
Various activities are planned to take place at the building throughout the rest of the year, including a holiday light show, Squilla said.
