Plymouth Group, a New York developer, recently purchased the former Budd Company site in North Philadelphia. The building is 1.8 million square feet, sitting on 26 acres, and has been vacant since Budd ceased their rail and aeronautics manufacturing in 2003.
The company is known for transforming industrial properties and saw Greater Philadelphia’s “growing population of youthful creatives” as a great opportunity to transform this property in the Nicetown neighborhood of North Philadelphia.
“We don’t have any other projects in Philadelphia. But what we’ve seen – and from coming down there – we’ve been really impressed with the city, the energy, the vibe and business culture,” said Joshua Goldman, Plymouth Group partner. “We think there’s a lot of growth potential, and we think we can be a part of that.”
In the next coming months, Plymouth Group hopes to spark a conversation with community members and government officials to collaborate on this revitalization. Goldman mentioned the possibility of transforming this massive property into affordable loft or office spaces.
Revitalization projects are happening all across Greater Philadelphia, including the North Broad Street redevelopment. The Met Philly and the E. Hart Stable building are two buildings along North Broad Street that have recently undergone renovations.