Lubert-Adler acquired the Bellevue, one of Center City Philadelphia’s most historic and prominent properties, in November 2021. The asset currently stands 19-stories tall and contains 885,000 square feet of mixed-use programming.
The property was originally built in 1904 as a 1,000 key luxury hotel and serviced apartments. In 1985, the Bellevue was converted to a mixed-use building via a $100 million renovation. In 2020, much of the retail space was vacated and the Sporting Club and Hyatt hotel were temporarily closed due to the Pandemic.
Lubert-Adler has set forth a transformational plan that is apartment focused. The new plan entails converting much of the current office space into apartments, renovating the Hyatt hotel, leasing the retail and event space, renovating the 100,000 square-foot Sporting Club, and converting 1418 Walnut St. (former Tiffany’s) into a mixed-use building.