The historic 1926 Bryn Mawr Theater on the main street of a "rail suburb" of Philadelphia was deteriorating and threatened with conversion to a gym. The downtown itself was less and less active. Juliet Goodfriend, a prominent local businesswoman, saw the possibilities, and decided to redevelop the theater as an "art-house" and active neighborhood center. But she needed technical development expertise for this complex project.
Goodfriend turned to Athenian Properties to achieve her vision. Athenian helped guide the process through many stages: it assisted in negotiating a purchase agreement, structuring a phased redevelopment plan, hiring design professionals, structuring the financial plan and obtaining beneficial financing.
Phase 1 of the redevelopment was completed on time and on budget and the theater’s first year NOI was 22% ahead of projections. The theater is popular day and night and new stores are opening on the street. Athenian is currently working on Phase 2 financing and development management. The full project is anticipated to cost $9M, of which $4.5M is committed in a tax-free loan. Athenian is proud to have assisted Juliet Goodfriend in this reinvigoration of downtown Bryn Mawr through the Bryn Mawr Theater.
