Curtis Institute Wins $7.6M Bid for Philadelphia Art Alliance Building

PHILADELPHIA, Pa. — The Curtis Institute of Music secured a $7.6 million bid for the Philadelphia Art Alliance building, one of nine properties formerly owned by the now-defunct University of the Arts (UArts), during a bankruptcy auction this week. The sale, approved by a bankruptcy court Wednesday, marks the first step in liquidating UArts’ $163.6 million in real estate assets following the university’s abrupt closure in June 2024.

The Philadelphia Art Alliance, located near Rittenhouse Square, was the most contested property due to a restrictive deed covenant requiring its use for educational or cultural purposes. Curtis Institute President and CEO Roberto Díaz said the acquisition aligns with the conservatory’s expansion needs. “We’re gonna fill it up with music,” Díaz said. “There will be teaching, coaching, rehearsing, master classes, rehearsals, all sorts of musical activity there.”

The Art Alliance building, assessed at $4.7 million, is a half-block from Curtis’ existing campus on Locust Street. Díaz noted that the conservatory is at “maximum capacity” and had previously explored purchasing the property before UArts’ closure. Real estate developer Allan Domb, who initially bid $6.5 million for the building, withdrew from the auction, expressing support for Curtis’ acquisition. “I think it’s great for the city, Curtis is a gem, and I’m really pleased they got it,” Domb said.

Meanwhile, Temple University won the auction for Terra Hall, another UArts property, with an $18 million bid. Temple plans to use the building as its new Center City campus after its lease at 1515 Market St. expires in 2027. “This transaction would mark the first time that Temple would own its Center City campus as opposed to leasing,” said Temple President John Fry.

The Arts Bank, another UArts property, was sold to Quadro Bay LLC for $2.7 million, outbidding the Lantern Theater Company. Quadro Bay plans to develop the building for commercial and residential use, though the sale faced objections from the Pennsylvania Attorney General’s Office, which argued the property should remain dedicated to charitable purposes. A final decision on the Arts Bank sale is pending.

Other UArts properties, including Anderson Hall, Hamilton Hall, and Gershman Hall, remain unsold. The bankruptcy proceedings are expected to continue through the end of the month, with additional auctions and court hearings scheduled.

The closure of UArts has left a significant void in Philadelphia’s arts community, with dozens of artists and students displaced. The sale of its properties represents a pivotal moment for the city’s cultural landscape, as institutions like Curtis and Temple expand their footprints in Center City.