Scout, the Philadelphia development firm that transformed the Bok building, purchased Hamilton Hall, a former University of the Arts building, at a bankruptcy auction Monday.
Scout paid $12.25 million for Hamilton Hall, at 320 S. Broad St., and the attached Furness Hall on Pine Street, the Inquirer first reported. Hamilton Hall most recently served as an administration center for UArts. Scout plans to turn the buildings into art studios and subsidized housing for artists.
"These buildings, steeped in history and culture, will continue to be spaces where artists and makers thrive, ensuring that Philadelphia remains a vibrant and innovative center for creativity," Scout said in a statement.
Scout said it initially did not have enough capital for a winning bid, but an anonymous investor offered a loan in the final hours before the sale. Another 20 philanthropists, foundations and investors also offered funding, Scout said.
"Two weeks ago this project seemed unattainable," Scout said. "We felt the weight of the many voices — especially those of University of the Arts students and alumni — who feared this building would be lost."
Scout said it must repay the emergency loan in the next 60 days. It plans to launch a crowdfunding campaign to help cover the costs and ensure the buildings "remain a cornerstone of Philadelphia's vibrant arts community."
Scout is best known for turning the Bok building, a former school in South Philly, into an artist workshop space and rooftop bar.
The design firm won out over Dwight City Group, a New York-based firm that wanted to develop a mixed-use space with residences, restaurants and artist space. Dwight is the leading bidder to acquire Anderson Hall, another University of the Arts building at 333 S. Broad St.
With this sale, bids have been made for seven of the nine buildings owned by the university. Gershman Hall at 401 S. Broad St. and Juniper Hall at 311 S. Juniper St. are still on the market.
Last week, city council passed a resolution that called for preserving Hamilton and Furness Halls as spaces for the arts community in Philadelphia.
UArts closed abruptly last summer, citing a "fragile financial state" caused by declining enrollment, falling revenues and increasing expenses.