In 2020, the City of Philadelphia rescinded a contract with The Peebles Corporation to renovate the building after years of delay.

The building is known for its murals and has been described by Ben Leech, director of advocacy at the Preservation Alliance for Greater Philadelphia, as "a virtual museum of New Deal art".

[6] Plans had been made by the city to move the Philadelphia Family Court closer to Market Street.

[9] The City cited the impacts of the COVID-19 pandemic on the hospitality industry as the main reason for cancelling Peebles's development bid.

At the time Peebles bid was cancelled, the project had taken over 7 years without any construction, financing, or tenants put in place.