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long-vacant apartment tower near Rittenhouse Square has been acquired by New York-based Zoria Housing, ending years of decay and neglect. The 17-story building at the corner of 16th and Spruce Streets had been vacant for over five years due to a failed redevelopment project led by Main Line real estate investor Dovid Daniel. Zoria Housing's project architect, Stuart Rosenberg, says the company aims to complete the renovation within 12-18 months.

    The property has changed hands several times in recent years, with Philadelphia-based developers expressing interest but ultimately backing out due to financial concerns. Michael Pestronk, CEO of Post Brothers apartment builders, notes that the building's small size and historic designation made it unappealing to larger developers.

    Zoria Housing plans to seek historic tax credits for the property, which will help offset costs. The company also has an advantage in being a self-performing construction company, allowing them to acquire the property with their own equity rather than relying on loans. This flexibility is crucial in making the project financially viable.

    The building's neglect has been a concern for neighbors, who have reported break-ins and vandalism. Graffiti has covered the exterior of the building, and maintenance reports have highlighted the complexity of managing the property due to its historic nature and frequent vandalism. Rosenberg says Zoria Housing is committed to restoring the building to its former glory and is eager to bring an end to the saga that has plagued the neighborhood for years.