The Beury Building in North Philadelphia holds a unique place in the city’s history, with its iconic “Boner 4ever” graffiti adorning its walls. Originally built as the National Bank of North Philadelphia in the 1920s, the 14-story Art Deco structure has stood vacant for half a century. Shift Capital, a developer focused on creating equitable neighborhoods, acquired the building in 2012 with plans to transform it into affordable housing.
However, in response to the challenges posed by the COVID-19 pandemic, Shift Capital made a strategic shift in its plans. The $70 million renovation project now aims to turn the Beury Building into a 172-room Marriott hotel, complete with ground-level restaurants and a rooftop bar. This endeavor was seen as a means of revitalizing the area around Broad Street and extending the city’s northward development beyond Temple University.
Despite making significant progress in the renovation work, including environmental remediation and structural reinforcement, Shift Capital faced a setback when a key lender withdrew $23 million in financing. This unexpected turn of events, coupled with high interest rates and banks’ reluctance to invest in the North Philadelphia neighborhood, has put the project on hold for now.
Shift Capital remains committed to the Beury Building project and its vision for the community. The developer had secured initial funding from various sources, such as a $2 million grant from the Pennsylvania Redevelopment Assistance Capital Program and support from Marriott. Additionally, the building’s historical status allowed for preservation tax credits to be utilized in the renovation process.
While challenges like labor shortages and rising insurance costs have impacted construction projects across the city, Shift Capital continues to seek avenues for progress. The partnership between Shift Capital and the Wankawala Organization for the Beury Building project holds promise for future developments in the area.
As the Beury Building’s transformation unfolds, the graffiti that has become a part of its identity will remain a notable feature. The “Boner 4ever” tags, created by renowned graffiti artists in Philadelphia, serve as a reminder of the building’s storied past amidst the changes taking place around it.
With a rich history and a promising future, the Beury Building stands as a symbol of North Philadelphia’s ongoing evolution. Shift Capital’s dedication to the project and the community it serves reflects a commitment to creating vibrant, equitable neighborhoods in the city.