A developer has done a first-rate job renovating the Provident building in West Philadelphia. But it's still worth asking whether the city could have gotten a better deal. IngaSaffron explains why.
came on the market in the early 1920s, Provident decided to create a new headquarters in the center of a green corporate campus.
But what was seen as a virtue in 1927 didn’t play so well a century later. When the Provident was proposed for a new public safety building, the police department balked at the idea of moving to West Philadelphia. They felt the 46th Street location was too far from the courthouses and city services, which are clustered around City Hall. They couldn’t understand just how convenient the site really is.
Despite the changing demographics, Iron Stone conceived its redevelopment of the Provident with Mill Creek’s longtime residents in mind. Its largest tenant, Public Health Management Corp., saw the Provident building as a chance to bring interconnected health services — from treating autism to managing obesity — to a high-quality, neighborhood health center, its CEO, Richard J. Cohen, told me. Its designer, Fifteen Architecture, has carved out a light-filled oasis on the lower two floors.
Wait until the Provident is surrounded by 1,200 apartments. Given how many units can be built on the property, you would think the Kenney administration could have gotten more than $10 million for the property. As a rule of thumb, developers expect to pay about $25,000 per unit in land costs. That works out to over $30 million for the land alone.
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