Check out this new rendering of the redevelopment of the Penn Arts building. Work on the project at 16th and Pennsylvania streets began in April. You can see the plans for signage and an outdoor cafe along 16th Street. Developer Christopher Piazza paid $1.4 million for the building in 2008 and had planned to spend $3 million on renovations but gave up on banks unwilling to lend early this year and found two equity investors instead. He had to cut the budget in half, to about $1.5 million, and expects to have the first apartment units available by September. An earlier post is here.