"Included among its holdings was an estimated $87m in real estate in the city centre. After a fire sale this spring, all nine buildings sold; most will become residential and commercial spaces unrelated to the arts. But a development firm called Scout is transforming two of these buildings, Hamilton and Furness halls, into a new Village of Industry and Art (Via), with the goal of serving Philadelphia's creative community through a mix of offices, studios and affordable housing."
"Scout, which already had a foothold in Philadelphia following its revitalisation of a former high school into a mixed-use cultural hub called Bok, saw the buildings as a perfect opportunity for its next project. "We realised if we didn't save Hamilton and Furness for the arts, no one else would," says Lindsey Scannapieco, the managing partner and founder of Scout US."
In spring 2024 the 150-year-old University of the Arts abruptly closed and its bankruptcy left assets, including about $87m in city-centre real estate, in limbo. A spring fire sale sold all nine buildings, most slated for residential and commercial uses unrelated to the arts. Development firm Scout purchased Hamilton and Furness halls for $12.25m and plans a Village of Industry and Art (Via) combining offices, studios and affordable housing to serve the creative community. Scout held a multi-day "Ceremony of Life" to mark the buildings' transition and allow public reflection on UArts' history and closure. Financial issues, high operating costs and low enrollment precipitated the school's sudden shutdown.
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