PHILADELPHIA | The Arthaus @ 311 S. Broad | 542 FT | 47 FLOORS - Page 33

Philly-Drew · #**641** Posted **Dec 12, 2016, 7:57 PM**

Quote:

Originally Posted by Philamigo

Summer 2020 ...

Dranoff Properties just announced their 39 story 420 foot mixed use (hotel and condo) highrise building has been pushed off until the spring of 2021.

Can you point out where you found spring 2021? I took a quick look and didn't see that. The SLS still shows spring 2017 on the website.

Thanks!

summersm343 · #**642** Posted **Dec 12, 2016, 8:18 PM**

Quote:

Originally Posted by Philly-Drew

Can you point out where you found spring 2021? I took a quick look and didn't see that. The SLS still shows spring 2017 on the website.

Thanks!

It was a joke... he is saying the building will keep getting delayed and get shorter every year.

Larry King · #**643** Posted **Dec 12, 2016, 9:01 PM**

Quote:

Originally Posted by 1487

construction costs here supposedly make it tough to get financing for hotel projects when you consider our room rates which are lower than places like NYC and Boston. Most major CC hotels have gotten some form of subsidy in recent decades.

Even if the economics are favorable, hospitality is typically harder to finance than a more conventional property... Hotels are as much operating businesses as they are real estate

Philamigo · #**644** Posted **Dec 14, 2016, 2:06 AM**

Quote:

Originally Posted by summersm343

It was a joke... he is saying the building will keep getting delayed and get shorter every year.

Thank you. You got it.

Mr Saturn64 · #**645** Posted **Dec 14, 2016, 8:29 PM**

Well, that may not be too far off. This thread was started 3 years ago Saturday. Still, I'm hoping that this time they'll actually get started when they claim.

mcgrath618 · #**646** Posted **Feb 3, 2017, 6:32 PM**

What is the current estimated starting date on this one? I haven't heard anything about it for awhile now

jjv007 · #**647** Posted **Feb 3, 2017, 7:15 PM**

"dead as a doornail"

Scottydont · #**648** Posted **Feb 3, 2017, 7:15 PM**

Quote:

Originally Posted by mcgrath618

What is the current estimated starting date on this one? I haven't heard anything about it for awhile now

They still want to start in the summer, but they needs their money first:

http://www.philly.com/philly/busines...ladelphia.html

1487 · #**649** Posted **Feb 3, 2017, 7:44 PM**

Quote:

Originally Posted by Scottydont

They still want to start in the summer, but they needs their money first:

http://www.philly.com/philly/busines...ladelphia.html

they got money from the state, but it was much less than requested. No one has heard anything since.....

summersm343 · #**650** Posted **Feb 3, 2017, 7:46 PM**

Quote:

Originally Posted by 1487

they got money from the state, but it was much less than requested. No one has heard anything since.....

Yeah, didn't they get $1 million of the $20 million requested? If so, there would still be a $19 million funding budget gap.

1487 · #**651** Posted **Feb 3, 2017, 7:48 PM**

Quote:

Originally Posted by summersm343

Yeah, didn't they get $1 million of the $20 million requested? If so, there would still be a $19 million funding budget gap.

i doubt it's really that big. Developers never get what they ask for from the state so Dranoff likely never needed $20M to make this happen. But I'm sure he needed more than he got. I seriously doubt the State will change anything and add more money so I do wonder if there is a Plan B.

summersm343 · #**652** Posted **Feb 3, 2017, 7:52 PM**

Quote:

Originally Posted by 1487

i doubt it's really that big. Developers never get what they ask for from the state so Dranoff likely never needed $20M to make this happen. But I'm sure he needed more than he got. I seriously doubt the State will change anything and add more money so I do wonder if there is a Plan B.

Yeah I doubt the state will give him more. Especially not now with a majority Republican legislature which hates Philadelphia. I would assume funding is holding SLS up. There can't be any other reason for it now that One Riverside is practically done. Dranoff did sell development rights and sites for the Royal Theater on South Street, and the One Cooper development in Camden. I assumed that was to raise money for this project. Still, haven't heard any more news for this.

Mr Saturn64 · #**653** Posted **Feb 3, 2017, 11:18 PM**

Neither have I. I'd say the odds of this one being built are pretty damn small.

jsbrook · #**654** Posted **Feb 4, 2017, 2:55 AM**

Quote:

Originally Posted by summersm343

Yeah I doubt the state will give him more. Especially not now with a majority Republican legislature which hates Philadelphia. I would assume funding is holding SLS up. There can't be any other reason for it now that One Riverside is practically done. Dranoff did sell development rights and sites for the Royal Theater on South Street, and the One Cooper development in Camden. I assumed that was to raise money for this project. Still, haven't heard any more news for this.

It's a damn shame. Seems increasingly unlikely, but I hope some dominoes fall into line somehow and they're able to get it together.

1487 · #**655** Posted **Feb 27, 2017, 5:55 PM**

Financing issues persist according to this:

http://www.phillymag.com/property/20...-carl-dranoff/

Boku · #**656** Posted **Feb 27, 2017, 6:06 PM**

Quote:

Originally Posted by 1487

Financing issues persist according to this:

http://www.phillymag.com/property/20...-carl-dranoff/

"... the SLS International Hotel and Residences at Spruce Street, on which work will commence once one stalled piece of the financing puzzle falls into place..."

and then

“The statistics were available as early as 2012,” he said. “The money spigot is open all the way, and anyone can get financing for a new project."

summersm343 · #**657** Posted **Feb 27, 2017, 6:29 PM**

Huh... I wonder why they just can't get financing for this. Seems like a no-brainer moneymaker to me.

Larry King · #**658** Posted **Feb 27, 2017, 7:30 PM**

If I was carl, I'd drop the hotel portion and do all condos. I think the condo market in CC is strong for good product... our city doesn't have the outsale prices to support a hotel as well. For example at extell's one57 in nyc, the hotel portion isn't the real money maker, it's there because it boosts the value of the condos on the higher floors, condo prices here aren't enough to subsidize a hotel like they did at one57.

Mr Saturn64 · #**659** Posted **Feb 27, 2017, 9:31 PM**

Quote:

Originally Posted by Larry King

If I was carl, I'd drop the hotel portion and do all condos. I think the condo market in CC is strong for good product... our city doesn't have the outsale prices to support a hotel as well. For example at extell's one57 in nyc, the hotel portion isn't the real money maker, it's there because it boosts the value of the condos on the higher floors, condo prices here aren't enough to subsidize a hotel like they did at one57.

That's probably a good idea, although Philly is not New York. We don't have a "billionaire's row" of any sort. Of the top 10 tallest buildings in the city (including City Hall) only one is completely residential, and one has some residences in it. If the condo market in Philly were to increase, we would certainly see more buildings start coming up. Plus, with the Cambria and W Hotels under construction several blocks away, there's a lot of competition.

hammersklavier · #**660** Posted **Feb 28, 2017, 7:55 AM**

Quote:

Originally Posted by Larry King

If I was carl, I'd drop the hotel portion and do all condos. I think the condo market in CC is strong for good product... our city doesn't have the outsale prices to support a hotel as well. For example at extell's one57 in nyc, the hotel portion isn't the real money maker, it's there because it boosts the value of the condos on the higher floors, condo prices here aren't enough to subsidize a hotel like they did at one57.

Possibly, but I have met the SLS rep working on this and he made clear that he and Dranoff are all-in together.