Pharaoh Would Be Proud, Pyramid Electric Building Will be Renovated Wednesday, June 8, 2016
MM Partners has a major new project on its hands and Brewerytown could be getting a new crown jewel. Recently, a reader pointed us toward an Instagram post from the developers sharing the news that they had purchased 3101 Glenwood Ave., a six-story vacant warehouse that was home to the Pyramid Electric Company from 1980-2000. The building was designed by Leroy B. Rothschild and constructed in 1922, originally housing a furniture business. It's fair to assume that it looked much better back then, compared with today.
Westrum owned the building for several years, selling it to Iron Stone Development in 2013. According to Philadelphia Heights, Iron Stone planned 46 apartments here, with a mix of one and two-bedroom units. For whatever reason, things didn't work out here for Iron Stone and now MM Partners is stepping in, paying $1.4M for the privilege according to the Inquirer. The new guys are looking to up the unit count to 50, and also want to include ground floor office and commercial space.
Given their track record, we are very confident that MM Partners will indeed pull off this project and this building will soon come back into active use. And remember, the former Red Bell Brewery is located immediately to the south of this property with new ownership for that property it could also soon get redeveloped. These two enormous and long vacant properties have dragged down the neighborhood for many years, and sometime soon they could be among the most attractive addresses in Brewerytown. And we'll be thrilled to watch it happen.