Final Victory for the Victory Building

[July 1, 2005] Ten years ago the fate of one of Philadelphia's most architecturally elaborate and beloved buildings - the Victory Building at the corner of 10th and Chestnut Streets - was very much in doubt. For the years the Second Empire-styled property sat vacant and forlorn, the victim of inattention by the estate of the late Sam Rappaport.

Now the Victory Building and its original, adjacent annex building have not only been restored for residential and commercial uses, but the future protection of the property is assured through a preservation easement donated to the Preservation Alliance by the current owners and developers, Philadelphia Management Corporation. The easement requires all current and future owners to maintain the historic appearance of the buildings' exteriors in perpetuity. The current owners will receive a federal income-tax deduction in exchange for the donation of the easement to the Alliance.

The Victory Building was originally the Philadelphia corporate headquarters of the New York Mutual Life Insurance Company which at the time billed itself as "the largest financial institution in the world". The first section of the building was built in 1878 according to the design of architect Henry Fernbach. It was, and remains, one of Philadelphia's best examples of the Second Empire style of architecture, a commercial counterpart to Philadelphia City Hall (begun in 1871).

Three stories in the same style were added to the top the original structure in 1890, and in 1894 the equally impressive annex section (1009-1013 Chestnut Street) was built. The annex is a superb example of the Renaissance Revival style by architect Philip Roos.

Later known as the "Victory" Building, the historic structure had many uses after New York Mutual left, including an infamous 1970s night club. The Victory Building became a cause celebres for preservationists in the 1980s and '90s as its condition deteriorated. The predecessor organizations of the Alliance were successful in lobbying the city to enforce repairs to the property to halt further deterioration.

Last year Philadelphia Management completed a restoration and rehabilitation of the Victory building and annex, converting them to market-rate apartments and commercial and retail spaces. Like many other Center City properties, the Victory Building is now being converted to condominiums, and units are currently for sale.

After many years of preservation advocacy by individual citizens and preservation organizations, the cooperation of the City and elected officials, and the commitment of the developers, the Victory Building has now returned to its former glory and useful place in Philadelphia. The Preservation Alliance is proud to be the holder of the preservation easement which will protect the Victory Building into the future.

Annex of the Victory Building

For more information on the Alliance's easement program, check this web site or contact randy@preservationalliance.com.