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Borders Sparks Chestnut Street Revitalization

PHILADELPHIA-Efforts to revitalize Center City's East Chestnut Street corridor get a boost from Borders Books. In November, the retailer will move from 22,000 sf on Walnut Street to a 26,876-sf, three-level store at the corner of Chestnut and Broad.

By Marita Thomas | Updated on June 14, 2002

PHILADELPHIA-Ann Arbor, MI-based Borders Group will relocate its flagship store here, adding impetus to efforts already underway to revitalize Chestnut Street east of the mile-long South Broad Street corridor called Avenue of the Arts. In November, Borders’ will move from the 22,000-sf space it has occupied on West Walnut Street since 1990 into 26,876 sf of leased space on three levels at 1 S. Broad St.

The building at the corner of Chestnut and Broad streets is owned by New York-based J.P. Morgan and managed by West Conshohocken, PA-based Keystone Property Trust. Terms of the lease were not disclosed.

Last October, a $547,000-matching grant program for façade improvements along the two Chestnut-street blocks east of Broad was announced. Twelve property owners, representing 21 of 33 properties, or 64% of the total space on those blocks, joined with Center City District and the Philadelphia Department of Commerce in the initiative.

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