FROM CONCEPT TO CO-OP
In 1953, a small group of local businessmen discovered the Co-Op concept as defined by the FHA Regulation 213 under the Cooperative Housing Act. They were farsighted enough to see the potential for Philadelphia… and they were right!
These entrepreneurs dedicated themselves to finding people who were willing to sign up and buy into what became 2101 Cooperative, Inc. By January of 1953 financing was in place, the land lease was executed, the “Articles of Incorporation” were finalized and, shortly after, all the legal documents were signed, sealed and delivered. Then, sample apartments went on display in a local department store’s furniture department. Initially there was some resistance, but before long enough shareholders signed up to make the venture doable. A few of those shareholders who settled on their apartments before the building was a reality still live at 2101.
In August 1953 ground was broken and construction began. November 20, 1954 saw the first residents move into the building. Eight apartments were occupied on that day. Construction and finishing work continued on the higher floors until February 1955, when all fourteen floors were completed and gradually occupied. Commercial space was rented, and eventually the entire structure became a vital, exciting, self-contained community.
The volunteer Board of Directors was finding its way in uncharted waters and formed a tenants’ association. This group was so successful in acting as a liaison between shareholders and the Board that it has continued to the present time as House Council. In general, 2101 Cooperative has moved forward from decade to decade and into a new century much like most successful businesses, operating conservatively and paying attention to its shareholders.
LOCATION, LOCATION, LOCATION
2101 Cooperative is just two blocks from historic Rittenhouse Square. When William Penn laid out a plan for the new City of Brotherly Love he placed a park at each corner; Rittenhouse Square was the southwest corner. It is surrounded by upscale shopping and numerous luxury hotels, apartments, condominiums and brownstone houses.