PHILADELPHIA—Post Brothers Apartments has completed a $42 million renovation and rehabilitation of the 106-year old Goldtex shoe factory, covering the original structure at 12^th and Vine Streets in an energy-efficient envelope that gives it a modern, sleek appearance. The rebuild also positions the property for pending certification as the city's first LEED Silver multifamily property with more than 100 units.

“We put an entirely new envelope on the building that made it look modern, but more importantly made it extremely energy efficient,” Michael Pestronk, Post Brothers founder and CEO tells GlobeSt.com exclusively. “We achieved rents there that are equivalent of those on Rittenhouse Square, by having a product that is much better than anything anyone else has to offer.” Rents average $2,500 a month, and apartments are about 800 square feet.

The Goldtex factory opened in 1908, the same year Henry Ford produced his first Model T and the Chicago Cubs won their last World Series. Philadelphia City Hall – only a half-mile from the factory – was still the tallest building in the world.