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Bookbinders' $21M Renovation Adds Residences Into the Mix

PHILADELPHIA-A new chapter unfolds for the restaurant at 2nd and Walnut

By Marita Thomas | Updated on June 19, 2003

PHILADELPHIA-The five dilapidated buildings at 2nd and Walnut Streets thathoused Old Original Bookbinders restaurant will undergo a $21-millionrenovation and development that will include 19 residential condos, eight apartmentunits, and a totally refurbished, 13,000-sf restaurant. The lead developeris locally based Renaissance Properties, Inc.

The restaurant that opened in 1865 closed its doors after dinner on NewYear’s Eve, 2001. The financial burden of maintaining the deterioratingstructures combined with a drop in tourism forced John Taxin, the third generation ofhis family to operate Bookbinders, to close.

According to published reports, Taxin sold the property to Renaissance forabout $3 million. His family will operate the new restaurant, which willseat 200 indoors and potentially provide seating for about 150 outdoors. Thisrepresents a considerable downsizing of the rambling restaurant space thatexceeded 50,000 sf.

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