LPMG buys Venice Plaza in South Philadelphia
“I want it to be something that is a game-changer. It takes time to do it right.”
John Longacre, the developer behind the ReNewbold development at 16th and Mifflin, has bought a former theater on Snyder Avenue, promising it will “lead a charge for revitalization”near 17th Street.
Longacre says his LPMG company is still conceptualizing plans for the development planned for 1721-31 Snyder Ave., which he estimated to be about 12,000 to 15,000 square feet.
Longacre opened South Philly Tap Room 11 years ago partially to lure potential new residents who might be interested in his developments in the area. He also owns American Sardine Bar and the Brew portion of the Brew/Ultimo shop at 15th and Mifflin.
“I’ve been sitting on the property for a little bit because I don’t want to rush in,” said Longacre, who closed on it in July. “I want it to be something that is a game-changer. It takes time to do it right.”
The building was most recently a theater called Venice Plaza, which was known for hosting the play “Tony and Tina’s Wedding” for years until the early 2000s. Longacre wouldn’t specify what he’s thinking of doing with the building, but he insisted he would reuse it to do something “very significant.”
“We fought to get it,” said Longacre, who also owns American Sardine Bar. “It could have just been turned into 15 houses.”
“It’s absolutely going to change that corridor forever.”
Philly firm plans “urban feel” rehab for Atlantic City armory
“We see a tremendous opportunity for Atlantic City to become not only a weekend destination, but more of a place where people will live all year long…”
And so on the morning after Atlantic City’s Revel dreams fell apart – again – there was at least one person trying to stay positive and show the old resort some love: Philly developer LPMG Company, which plans a rehab of the historic Morris Guards Armory Building on the of New York Avenue between Atlantic and Pacific Aves. LPMG sent out a statement Thursday morning proudly proclaiming it is “Rolling the dice in Atlantic City” with a $3 million rehabilitation of the 30,000 square foot building into “an urban feel mixed use apartment building unlike anything that currently exists in Atlantic City.” The Armory, which LPMG cooed was “historic and aesthetically stunning” was constructed in1901 as a home for the Morris Guards, an independent military club.
“We love Atlantic City,” said John J. Longacre, president of LPMG in a statement. “We intend to address business and housing opportunities for the middle market. We see a tremendous opportunity for Atlantic City to become not only a weekend destination, but more of a place where people will live all year long and will also pull from the surrounding suburban markets for shopping and entertainment options.”
LPMG specializing in reviving decaying neighborhoods and has been credited with kickstarting the regentrification of the Newbold neighborhood in South Philadelphia. LPMG is the second high profile Philadelphia developer to buck the Atlantic City is done trend, following Bart Blatstein, who has purchased the Pier at Caesars and targeted for a redevelopment aimed at millennials. Atlantic City planning director Elizabeth Terenik has specifically targeted some of the historic _ and historically vacant _ properties in Atlantic City for redevelopment.
Also reporting on the launch:
pressofatlanticcity.com: Philly firm to redevelop Morris Guards building
nbc40.net: Atlantic City targeting historic buildings for redevelopment