T
he sale of the University of the Arts' real estate portfolio puts a prized property on the market: Dorrance Hamilton Hall, a historic building with a Greek Revival portico that's become an iconic landmark on the Avenue of the Arts. The building has two parts, with the front section dating back to 1824 and the rear portion designed by Frank Furness in 1875.

    The University of the Arts itself was struggling financially before its sudden collapse, but it did own several architectural gems, including the former Gershman YMHA/YWHA and the Terra Building. All nine buildings in the portfolio are now on the market, valued at $87 million in the school's bankruptcy filing, with a potential sale price of up to $100 million.

    Developer Carl Dranoff is likely to be a strong contender for Dorrance Hamilton Hall, given his track record of transforming South Broad Street into a vibrant destination. He has built several high-end condo and apartment buildings along the Avenue of the Arts, including Symphony House and Arthaus, and serves on the board of directors for Avenue of the Arts, Inc.

    Other developers, such as Matt and Mike Pestronk's Post Brothers or Lubert-Adler Real Estate Funds, may also be interested in acquiring Dorrance Hamilton Hall. The building's unique history and architecture make it a prime candidate for redevelopment into luxury condos or apartments. With multiple parties likely to bid on the property, expect a competitive market for this trophy asset.