U. looks to fill old Mellon Bank

Students may soon be able to spend money at the very place where they used to save it. University officials are in the process of finding a retailer to fill the vacant space on the ground floor of the old Mellon Bank building -- officially known as the West Philadelphia Title and Trust Company building -- at the corner of 36th and Walnut streets. The space has stood empty since last June when Citizens Bank moved out. Because of this, progress on this project will be slow, with the earliest opening date being late fall and the latest being next holiday season, Prasad said. "Penn is being proactive about identifying the right tenants," Associate Vice President for Business Development Lisa Prasad said. A number of interviews conducted by the University last year showed that students have a desire for more apparel, accessories or music stores on campus. Finding a vendor for this space is intended to help fulfill these students' needs, Prasad said. However, whatever retailer does move in, it must blend well with the character of the surrounding stores on this University City corner -- including the Penn Bookstore, Eastern Mountain Sports and Urban Outfitters. It must also have the "right mix" to meet the needs of the Penn community, according to Prasad. "This is an opportunity for exciting new retailers of local and national caliber," Prasad said. "University Square is a desirable location. It is the centerpiece of the retail district." Tony Sorrentino, also from the Business Development office, echoed Prasad, noting that the University is in search of a particular type of establishment to fill the vacancy. "It's not just retail," he said. "It's the right kind of retail." In June, Director of Development Management Paul Sehnert, called the location a "key building at the core of the business district." Sehnert also said that Penn didn't want to rush any new retail operation into the building because it "wanted to get the use of that space right." In the meantime, while a specific vendor is being selected, the building is undergoing a series of renovations, Prasad said. The first floor of the building is currently being cleared out while environmental remediation, infrastructure upgrades and facade improvements are all in progress. "The building has not been forgotten," she said, adding that the "historic status" of the building should be preserved. And while no contracts have been signed yet, Prasad said that many retailers have expressed interest in the site. Still, she said, thanks to the struggling economy, it is often a challenge to find retailers. "The national and local economy affects retailers in the area." But Prasad explained that January, which follows the rush of the holidays, is the time when retailers start to think of new locations for their stores. This trend could ease the search for interested vendors although it is a challenge nowadays to find expanding and healthy retailers, she added. Sorrentino said the challenge of finding retailers to come to campus is "an art and a science." The site's most recent tenant, Citizens Bank, only remained in the building for six months before moving to a new location on South 34th Street.