Old City apartments at site of collapsed Shirt Corner men’s shop sold for $22M

By December 11, 2019News

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By Inquirer.com

Real estate investment firm Dalzell Capital Partners LLC of Westport, Conn., has acquired the Shirt Corner apartment building in Old City, which replaced a landmark men’s clothing store that collapsed in 2014.

The firm bought the 62-unit apartment building Thursday from Alterra Property Group of Philadelphia for $22 million, managing partner Christian Dalzell said.

The property at the northeast corner of Third and Market Streets also includes commercial space occupied by a Snap Kitchen shop and nine parking spaces.

Other commercial space in the building, occupied by a CVS store, sold for $10 million as a separate unit to an affiliate, Centrum Partners of Chicago, in May 2015 while the project was still under construction, records show.

With the Shirt Corner acquisition, Dalzell owns nine apartment buildings in Center City, comprising nearly 300 units. They include the Waverly Court apartments near 13th and Pine Streets and the 1430 South St. building.

The firm is also an investor in the event-space-and-coworking hybrid known as Counter Culture on the ground floor of an apartment building that it owns at 514 South St.

The Shirt Corner apartments were built at the site of the clothing store known for the three-story red, white, and blue logo that covered the facade.

Alterra originally said it planned to preserve the neighborhood landmark while renovating it into apartments, but those plans were abandoned in February 2014 after the Department of Licenses and Inspections declared the structure “imminently dangerous” and ordered it to be razed.

The building crumbled a month later in what Alterra representatives described as a “controlled and carefully planned demolition.”