Temple could become the next owner of Terra Hall, a University of the Arts landmark in Center City, President John Fry announced in a statement to the university community Friday.
The bid still awaits court approval but would replace Temple University Center City’s campus at Market Street and North 15th Street. The university’s bid was $18 million, The Temple News confirmed.
“As we begin our work of spurring an innovation corridor that stretches both north and south of our Main Campus on Broad Street, the acquisition of Terra Hall continues Temple’s longstanding tradition of investing in a Center City campus and provides us with a strong and permanent presence in the heart of downtown Philadelphia,” Fry wrote in a joint statement with Provost Gregory Mandel and Chief Operating Officer Ken Kaiser.
The century-old building, which is located at the corner of South Broad Street near Walnut Street, is 17 stories and was originally a Ritz Carlton hotel location, according to the Preservation Alliance for Greater Philadelphia.
Temple University Center City’s lease at its City Hall-adjacent residence expires in June 2027, giving Temple two years to acquire and reopen the building to TUCC students. A Terra Hall acquisition would be the first time Temple owns the TUCC campus, instead of leasing from another building.
Fry also wrote that the university explored one other UArts property acquisition along with Terra Hall. Temple attempted an initial merger or acquisition of UArts after it filed for Chapter 7 bankruptcy, but were unable to reach a deal.
“Beyond serving as the new home of TUCC, Terra Hall creates an opportunity for the university to be part of the continued revitalization of the Avenue of the Arts — an important cultural corridor — while opening the door for additional academic opportunities for our students,” Fry wrote.
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