A new era is coming to one of Philadelphia’s most iconic landmarks. The historic Wanamaker Building, located in the heart of Center City, is set to undergo a major transformation as New York-based developer TF Cornerstone announces plans to convert the upper floors into loft-style apartments.

Loft Living in a Philadelphia Landmark

TF Cornerstone, which has owned the building’s three-level retail space since 2019, recently gained full control of the eight office floors above through a foreclosure auction. Now, the developer is moving forward with an ambitious redevelopment plan: the creation of 600 residential loft apartments on floors 6 through 12 of the building.

This mixed-use development will blend historic architecture with modern amenities and is poised to attract renters looking for a unique urban living experience in Center City Philadelphia.

Office, Retail & Event Space Remain

While a significant portion of the building will be converted into residential units, not all existing uses will change. According to the Philadelphia Inquirer (June 3, 2025):

• The 4th and 5th floors will remain commercial office space.

• The renowned Crystal Tea Room on the 9th floor will continue to serve as a wedding and event venue.

• The former Macy’s retail space will become a two-floor retail experience, described as “well-curated” by the developers.

• The Grand Court and the Wanamaker Organ, an internationally known historic feature, will stay open to the public.

Benefits of Flexible Zoning and Tax Abatement

The Wanamaker Building, located near City Hall and major transit lines, benefits from Philadelphia’s most flexible zoning, which supports a range of residential and commercial uses. TF Cornerstone also plans to utilize the 10-year property tax abatement offered for redevelopment projects in the city—a key incentive for revitalizing historic buildings and encouraging urban residential growth.

Timeline for Redevelopment

Construction on the new Wanamaker loft apartments is scheduled to begin in the first quarter of 2026, with further updates expected later this year. The project reflects a growing trend in adaptive reuse developments across Philadelphia real estate, where historic structures are reimagined as modern living spaces.

Why This Matters for Buyers, Renters, and Investors

This redevelopment will create hundreds of new housing opportunities in one of the city’s most central and desirable locations. Whether you're a real estate investor, renter, or just passionate about historic Philadelphia properties, this project is one to watch.

Source:
Information adapted from The Philadelphia Inquirer, June 3, 2025.