A New York real estate developer has submitted a $16.25 million preliminary bid for a group of former Hahnemann University Hospital properties, including two connected patient towers at Broad and Vine streets that total 630,000 square feet and overlook the Vine Street Expressway. Dwight City Group has entered into an agreement of sale for the properties, but as a stalking horse bidder, its offer sets the minimum price for a scheduled auction on July 16, according to bankruptcy court filings. Competing bids are due by July 11. If successful, Dwight City is considering redeveloping the site into a mixed-use project featuring hotel, residential, and food and beverage components. The Center City assemblage is divided into two groups, with Dwight City offering $10 million specifically for the hospital’s North and South towers.

\*Article courtesy of The Philadelphia Business Journal

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