Over the weekend the Philadelphia Inquirer reported that the possibility of a new project is back in the works for the Divine Lorraine on North Broad Street. Billy Procida of Procida Funding & Advisors in New Jersey has taken interest to the rehabilitation of the Divine Lorraine. Procida plans to lend $31.5 million to the project that will convert the building into 126 residential rental apartments and 21,000 square feet of commercial space.
Currently, Procida is working in an agreement with EB Realty Management Corp., who will spearhead the development process. If everything goes accordingly, an agreement can be settled within the next 45 to 60 days and construction will commence shortly after.
The Divine Lorraine is a 120 year old building located on North Broad Street at Ridge Avenue and has been vacant since 1999. Formerly, the Divine Lorraine was a hotel. It has been in the City’s interest to redevelop and bring life back to the old landmark but many projects have fallen through.