Rising 22 stories above the renowned
Avenue of the Arts, the Atlantic’s distinguished exterior character has long made
it one of the most recognizable buildings
in Philadelphia. Once an office building,
it stands as an archetype of historic Beaux
Arts-style, and has been completely reimagined by Post Brothers, in collaboration with architect Rafael Vinoly.
The Atlantic’s rich history began with its
design in 1922 by architect Joseph F. Kuntz
as the headquarters of its namesake, the
Atlantic-Richfield Oil Co. With a prestigious history and a prime location, the
building represented a unique opportunity
to transform a vacant property into the
city’s premier upscale rental community.
But it wasn’t without its challenges. Post
Brothers took great care and attention to
preserve the building’s historic integrity
while upgrading it into a market-defining
residential building with the highest possible sustainability standards—a stark juxtaposition to its former life, but one that
pays homage to its storied past.
The property now includes 256 luxury
ing from studios
to three bed-
rooms, in addition
to four duplex,
perched at the top
of the building.
The reimagined Atlantic building now
holds the distinction of being awarded
LEED Gold certification for its innovative
sustainable design. The community is
completely powered by wind-generated
electricity, which reduces its carbon footprint to near non-existence.
The apartment interiors certainly
exceed all expectations for what is possible
from the conversion of an office building.
For example, every home boasts soaring
ceiling heights spanning from nine and a
half to 14 feet, as well as contemporary,
highly-functional open-layout kitchens.
The amenity spaces at the Atlantic are
designed to contribute to the ease of living
and create a resort-like atmosphere.
Among the many levels and spaces for
amenities, is top-of-the-line equipment
suited for every fitness enthusiast and a
recovery-focused “His and Her” spa facility
includes high-pressure showers, dry saunas, stand-up light therapy and tanning,
and state-of-the-art Hydro Massage beds,
along with a steam room and a treatment
room that can be reserved. In addition,
the property features a children’s playroom, coworking spaces, private meeting
rooms, a vine-adorned dining pavilion
featuring a 30-person table, a large rooftop
dog park, a splash pad and more. Post
Brothers purchased the Atlantic building
in 2014 and following extensive renovations, launched leasing in the fall of 2018.
THIRTEEN 21 LOFTS – OWEN BUILDING
The Owen Building was established in
1948 and represented a “new wave” of
construction for downtown Columbia, SC.
The post-war, mid-century design used tilt-up construction and was coined the first
new “skyscraper” in the city in that era.
The building was converted by downtown pioneers Tom and Jeff Prioreschi,
from a 112,000-square-foot vacant mid-century modern 1940’s office building
into 130 unique apartments just two
blocks from Main Street.
The development team had extensive
experience in historic renovations / infill
multi-family / adaptive reuse in the
Columbia, SC market using tax incentives, credits and abatements. The tax
incentives were activated, following federal, state and city historic guidelines that
added many benefits to make the project
financially feasible. Additionally, the
development team had a track record
and relationship with GBX Group LLC,
which invests in historic buildings
throughout the US. GBX Group LLC
brought in initial equity contribution to
get the project started.
Previously known as
the “ugly pink building”
in downtown Columbia,
the project has far
helping to change the
skyline and landscape of
high rises in the market.
The exterior went
through extensive work
from the windows to the
patching and a dynamic
yet subtle paint job that truly added value
to the downtown landscape. The inside
finishes and amenities include a coffee
lounge, co-working space, theatre media
room, full fitness center, grilling plaza
The building was purchased in 2013
and the better part of 2014 was used for
planning the development. Planning
included cost estimating, environmental
studies, historic submission of the Part 2
to the National Parks Service, and full
construction drawings. Oppenheimer
Multifamily was engaged in 2014 to pur-
sue a HUD 221(d) ( 4) loan and started
working on the package in 2015 for
financing. The HUD process took lon-
ger than expected. During that time,
some environmental clean-up and
demolition was scheduled.
By 2018, the entire building underwent
complete abatement, interior demolition
and structural re-working. In just 10 short
months, Mashburn Construction transformed the old abandoned historic building into what it is now a chic, new 130-unit
apartment complex with a historically
restored exterior matching its original
1949 condition, while still showcasing its
mid-century modern flair.