Lowes Hotel, Philadelphia, PA

Lowes Hotel

Philadelphia, PA

This $35,000,000 project consisted of the select demolition and complete renovation of the landmark Philadelphia Saving Fund Society (PSFS) Building located at 1212 Market Street.

The original construction was completed in 1932. After the Philadelphia Saving Fund Society closed in 1992, the future of this National Historic Landmark was in doubt.

Fortunately, the Loews Corporation purchased the building in 1997 and completely renovated the building while preserving the original design. Even though the building reopened as the Loews Philadelphia Hotel, the marquee PSFS sign remained.

Disputes arose related to timely performance and extra work and led to the default of the demolition subcontractor. The subcontractor’s surety took over the work using a replacement demolition contractor. However, further disputes led the prime contractor to also terminate the surety and its completion contractor.

The surety retained TRAUNER to evaluate the performance and extra work issues and to determine appropriate damages. TRAUNER also assisted in the preparation of affirmative claims by the surety and in the defense of claims for the completion costs by others.

TRAUNER provided a presentation and support through mediation where the matter was settled.