Thousands of people walk by this building every day and think nothing of it. And with good reason- it looks like it’s either a lapsed construction site or simply a poorly sealed vacant property on a block with several other empty spaces. Looking at 1021 Chestnut St. today, you would never suspect that it possesses architectural significance and has a spot on the National and Philadelphia Records of Historic Places. Looking behind the plywood and through the fog of the past few decades, we see the Mercantile Library: an impressive example of Bauhaus Modern architecture.

Built in 1953, the award-winning building was designed by Sydney Martin and was constructed to house the collection of the formerly independent Mercantile Library, which became part of the Free Library in the 1940’s. With a facade of polished granite, glass, and steel, the entrance to the building leads to an extended landing with two staircases, one going to the upper level, the other to the lower level. The rear of the building is all glass and faces a garden. The library was in use until 1989, when it was closed due to asbestos problems, and has been deteriorating ever since. The city maintained possession until 2006, when it sold the property to a private investor for $1.25M.

Five years later, the current owner, 1021 Chestnut Associates, is attempting to sell the building for $1.35M. The building presents a number of opportunities, but the challenges might prove too costly for anyone to purchase the building at any price. The library was closed because of asbestos problems that would have cost about $1M to remand in 1989 (that’s about $1.7M in 2010)- we don’t know whether this problem was ever addressed. Restoring a historic building in general presents a host of logistical bureaucratic, and financial difficulties that many developers don’t want to get involved in. There’s also the question of whether a low-rise building in this location can produce the cash flow necessary to make it a worthwhile purchase.

One option that the current owners explored was whether additional stories could be added to the building to make it a better long term investment. Based on their study, this might be possible, but further research would be needed to come up with a definitive answer.

As we mentioned a couple of days ago, the new Milkboy will hopefully bring new life to this stretch of Chestnut St. A revived Mercantile Library building could certainly do the same.

The buildings directly to the west of the Mercantile Library