The Bellevue Donates Easement to the Preservation Alliance

In a move to protect the exterior and publicly accessible historic interior spaces of the 1904 architectural masterpiece that stands at the corner of Broad and Walnut Streets, The Bellevue has donated a preservation easement to the Preservation Alliance for Greater Philadelphia.

Philadelphia, PA (PRWEB) March 28, 2008 -- In a move to protect the exterior and publicly accessible historic interior spaces of its the 1904 architectural masterpiece that stands at the corner of Broad and Walnut Streets, The Bellevue has donated a preservation easement to the Preservation Alliance for Greater Philadelphia.

In addition to the exterior, the easement donation includes protection of the Grand Ballroom, both the main office/retail lobby and the Park-Hyatt's lobby, the Rosegarden room, and the 19th floor domed areas that now house XIX restaurant and bar.

A preservation easement is a voluntary legal agreement between a property owner and the Preservation Alliance that insures the perpetual protection of the property's intrinsic historic value, even if the property is sold to subsequent owners.

This is one of fifteen easements donated to the alliance in 2007, but according to J. Randall Cotton, Associate Director of the Preservation Alliance, it is the largest to date. "Typically we receive donations of exteriors only," said Mr. Cotton "This is the first time we have protected so much interior space." The Preservation Alliance's Annual Preservation Achievement Awards Luncheon will be held, fittingly, at The Bellevue on May 1 in the Grand Ballroom of the Park-Hyatt at The Bellevue.
   
The Bellevue Stratford opened in 1904 and quickly became Philadelphia's leading hotel. It was designed in the French Renaissance style by architects G.W. and W.D. Hewitt, but it also contains elements of the Colonial, Italian and Greek styles in interior spaces. The building underwent major renovations in 1980 and 1989 and today is a successful mixed use facility consisting of The Shops at The Bellevue; The Park Hyatt Philadelphia at The Bellevue; Class "A" office space; world-class restaurants The Palm; a Gourmet Food Court; The Sporting Club, a five-story fitness center; and a parking garage. www.bellevuephiladelphia.com

The easement requires current and all future owners to maintain the historic appearance of the building.

For information on attending the May luncheon, contact the Preservation Alliance at 215-546-1146 x 3.

The Bellevue is managed and leased by PREIT-RUBIN, Inc., management affiliate of Pennsylvania Real Estate Investment Trust. Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls and power centers (approximately 32.9 million square feet) located in the eastern United States. PREIT's portfolio currently consists of 51 properties in 12 states. PREIT's portfolio includes 37 shopping malls, 13 strip and power centers and one office property. PREIT is headquartered in Philadelphia, Pennsylvania. PREIT's website can be found at www.preit.com.

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