Historic building, in historic area, to become a four star hotel

The historic Lafayette Building, at 5th & Chestnut Streets, is about to be renovated into a luxury, four star hotel, by Kimpton Hotels, known as Hotel Monaco.  The former office building, built in 1906, has been empty for a few years.  In case 5th & Chestnut sounds familiar, it is the same address as Independence Hall, which is catercorner to the Lafayette Building, and the Liberty Bell Center, across the street from the new hotel.  This will be the first hotel officially on the Independence Mall.  The 11-storey Lafayette Building was one of the few early twentieth century office buildings built on what is now the Independence Mall, as that area was mostly industrial until the Mall was created in the 1950s.  It sits next to The Bourse, a former stock exchange built in the 1800s, which is now office space and shops.  The building was used as an office building until a few years ago, when a developer bought it with plans to convert it to condos, with a modern addition, but has sat vacant since that plan fell through because of the recession.

The Hotel Monaco will have 271 rooms and 12,000 square feet of meeting space, including a 3,200 square foot first floor ballroom facing the Independence Mall.  It will have a 120 seat, chef-run restaurant.  This will bring more nighttime activity to the Independence Mall, right where it converges with the Old City restaurant row on Chestnut Street.  It will, also, be two doors down from the new National Museum of American Jewish History, which just opened up at 5th & Market Streets.  Along with the new hotel and retail development being proposed at 5th & Race Streets, it will enliven the Independence Mall at night and provide unrivaled views of the entire Independence Park all the time.

This will be Kimpton’s second hotel in Philadelphia.  In 2009, they opened a luxury boutique hotel at 17th & Sansom Streets, called Hotel Palomar, that includes the fancy Square 1682 restaurant.  That building was, also, an adaptive reuse of an old office building, which is something that Kimpton specializes in.  The Hotel Monaco renovation is already underway and is expected to be completed by the third quarter of 2012, hopefully before July 4th and after the renovation of Independence Hall across the street.

I have a link to the Kimpton website in the first paragraph and pictures of the building below.  And, if you’re interested in buying, selling, or renting a home or investment property in this popular neighborhood, contact me at gabriel@thecondoshops.com or check out my Facebook realtor page, Gabriel G. Philly Realtor.  And, you can look at our Condo Shop website, www.thecondoshops.com, where you can see our listings nearby and list your own property, and sign onto our Condo Shop Facebook page, here.

Lafayette Building as seen from the Independence Mall

Lafayette Building from corner of 5th & Chestnut Streets

Street level will have a ballroom and a restaurant

Independence Hall as seen from the new hotel

Lafayette Building next to The Bourse and the National Museum of American Jewish History

Lafayette Building seen from the middle of the Independence Mall

Hotel Monaco will be across the street from the Liberty Bell Center and the President's House Memorial

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About gabrielcgottlieb

I am a real estate agent at Long & Foster Real Estate Center City and someone who likes to write about development and urban planning in the City of Philadelphia. Contact me at Gabriel.gottlieb@LNF.com if you are interested in buying or selling a home or investment property in Philadelphia.
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4 Responses to Historic building, in historic area, to become a four star hotel

  1. Michael says:

    I really think this is going to be an incredible hotel for drinks and dining. The location is great and it will continue to improve the area. Old City needs to replace some of the raucous environment of the youthful bar scene with more refined options.

  2. This is going to stimulate a domino effect of growth in the entire Independence Hall / Old City area’s. Can’t wait to see what this turns out to look like and how it will change the activity around the Liberty Bell which again has been lacking a social element to center everything around. This Hotel is a much needed addition to the Chestnut Street side of that block, that’s full of beautifully impressive, handsome buildings, Philadelphia’s best, from a historical perspective, i.e.: Bank Row’s cast Iron front buildings. That corner has been such an embarrassing eye sore for Philly’s brightest attraction for so many years now, this addition could revolutionize Phillies tourism industry. If this Hotel is as skillfully executed as the one they did at 17th and Samson Street’s Independence Hall area is in for a real transformation. Finally Philadelphia’s focal point and crown jewel will have class and some sex appeal. Now, we need to renovate the 6th Street side from Chestnut Street down to Market which is also an embarrassment.

  3. Rosalyn says:

    How can I apply for a job?

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