Carlyle Development Group plans to revamp the Independence Hall-facing section of the Public Ledger office building into upscale extended-stay hotel rooms and possibly condos months after selling off the historic Center City structure’s western portion fronting Chestnut Street.
The 290,000-square-foot eastern wing of the building will accommodate up to 190 dwelling units, including some on the building’s top floors that now house obsolete mechanical equipment, Abdi Mahamedi, chief executive of Purchase, N.Y.-based Carlyle, said Wednesday.
The property’s owners, led by Carlyle, are in talks with extended-stay hotel brands to operate the Philadelphia units, Mahamedi said. They are also mulling condominiums for the building if market conditions lend themselves to that use as development progresses, he said.
The group aims to start work on the redevelopment by early summer of 2019 and to finish work in 2020 at a cost of up to $90 million, he said.
The eastern section is now mostly vacant, with some of its previous office tenants having moved to the building’s western side, which has remained an office property under its new ownership by Baycrest Properties & Management LLC of Brooklyn, N.Y.