Redevelopment plans for the historic Bourse building in Old City have been revised. As a result, the previously proposed hotel component is being replaced with apartments.
Under updated plans, a portion of the 302,000-square-foot property would be converted into 85 residential units. Previously, a 152-room hotel had been planned for that space. Therefore, the project’s use mix is being significantly adjusted.
In addition, the shift could trigger a change in development partners. The existing partnership between Dean Adler and Keystone may be dissolved. Consequently, a new developer could assume responsibility for the residential conversion.
PMC Property Group is being considered to take over the apartment portion of the project. The firm is currently the largest apartment owner in Philadelphia. As a result, residential expertise would be brought into the redevelopment.
However, Dean Adler’s role in the broader project is not expected to change. Adler now operates through Adler & Co. after previously leading Lubert-Adler Real Estate Funds.
Ultimately, the updated plan reflects continued repositioning of historic assets in Old City. The Bourse redevelopment is being reshaped to align with current residential demand trends.
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