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  #661  
Old Posted Mar 1, 2017, 3:22 AM
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I would ABSOLUTELY LOVE to see this project begin, but my hopes have faded. Let's hope whatever hurdle remains can be jumped!
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  #662  
Old Posted Mar 1, 2017, 8:05 PM
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Originally Posted by hammersklavier View Post
Possibly, but I have met the SLS rep working on this and he made clear that he and Dranoff are all-in together.
That sounds like the kiss of death for this project.

If this were to work out as planned, with a hotel section and a condo section, and both were successful (and I realize that success is a tricky term) is there more money to be made on the condo side or the hotel side. Can they even be compared to each other?
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  #663  
Old Posted Mar 1, 2017, 9:08 PM
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I don't know how much money they could make off condos in Philly. It's not like New York where they go for appalling prices. The hotel would probably be a very good one, but there are already several luxury hotels in Philly, not to mention a taller one under construction and the fact that our new tallest building will have a hotel portion. However, it would be good to see some height in this part of the skyline, as it will be the easternmost and southernmost of the buildings to surpass City Hall.
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  #664  
Old Posted Mar 3, 2017, 9:17 PM
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Quote:
Originally Posted by City Wide View Post
That sounds like the kiss of death for this project.

If this were to work out as planned, with a hotel section and a condo section, and both were successful (and I realize that success is a tricky term) is there more money to be made on the condo side or the hotel side. Can they even be compared to each other?


Yes , unfortunately I think this poor puppy should be laid to rest
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  #665  
Old Posted Mar 4, 2017, 11:13 PM
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Originally Posted by hammersklavier View Post
Possibly, but I have met the SLS rep working on this and he made clear that he and Dranoff are all-in together.
Why does this statement make some on here think this is the kiss of death for this project? SLS has two hotels planned for this block...pretty major planning going on if you ask me.
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  #666  
Old Posted Mar 5, 2017, 9:57 PM
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Originally Posted by spacevator View Post
Why does this statement make some on here think this is the kiss of death for this project? SLS has two hotels planned for this block...pretty major planning going on if you ask me.
Because they don't have the funding to move forward. They are short by some millions and seem to be having trouble getting funded for whatever reason. Plenty of good plans get scrapped. This is as to SLS. I haven't seem similar definitive confirmation of a funding shortfall for the Hyde. Personally, I would rather see them scrap the Hyde and see if they can get its backers to contribute to SLS. But maybe there is sometime about the economics we are not privy to that is causing pause.
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  #667  
Old Posted Mar 6, 2017, 1:11 PM
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i hope he sells the project so it can get done.
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  #668  
Old Posted Mar 6, 2017, 2:36 PM
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Sells to who? Dranoff is one of the few developers around town who gets shit done. The only other residential-focused developer that has as good as track record as Dranoff is Pearl. And Pearl would turn our beautiful SLS into a 12 story metal box.

If Dranoff can't get funding for this project then I agree with others there is something very flawed about the project. Other developments are moving forward but not this one.

When is the city going to start requiring developers to show funding before handing out demolition permits?
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  #669  
Old Posted Mar 6, 2017, 2:57 PM
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The one sliver of hope I cling to for this building is Dranoff sticking with his One Ardmore Place plans after years of pushback and delays. Hopefully he does the same here.
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  #670  
Old Posted Mar 7, 2017, 5:15 PM
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Originally Posted by Boku View Post
The one sliver of hope I cling to for this building is Dranoff sticking with his One Ardmore Place plans after years of pushback and delays. Hopefully he does the same here.
Forwards, backwards and sideways, at least Ardmore has been moving, and it has more or less been public.
But with this project, nothing, a black hole (ok, the real hole is brown!)

If in the past 3 to 4 years, when money has been historically cheap, this proposal hasn't gotten legs, when will it? If it does, that's fine will me. But I just don't think there's any objective reason to expect it to move forward.

And in the meantime---------------

The fact that Dranoff is willing to leave the site in its present condition for 3 years I think speaks volumes about his so called commitment to the City. If he had the cash to do the demo, then he should open his wallet and fill this hole. How about a beer garden this summer?
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  #671  
Old Posted Mar 7, 2017, 5:18 PM
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Originally Posted by City Wide View Post
Forwards, backwards and sideways, at least Ardmore has been moving, and it has more or less been public.
But with this project, nothing, a black hole (ok, the real hole is brown!)

If in the past 3 to 4 years, when money has been historically cheap, this proposal hasn't gotten legs, when will it? If it does, that's fine will me. But I just don't think there's any objective reason to expect it to move forward.

And in the meantime---------------

The fact that Dranoff is willing to leave the site in its present condition for 3 years I think speaks volumes about his so called commitment to the City. If he had the cash to do the demo, then he should open his wallet and fill this hole. How about a beer garden this summer?
agreed. there must be something significant going on here that isn't being disclosed. This funding hole has been the supposed problem for a long time and yet every other significant project (aside from Chinatown tower) seems to get funding. Tearing down the existing building and blocking off the sidewalk without any construction funding was a real shame and thus far Dranoff has been able to dodge any blame.
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  #672  
Old Posted Mar 7, 2017, 5:22 PM
iheartphilly iheartphilly is offline
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These guys are businessman too. If they can't make the ROI on the project, it won't move forward. Time is money.
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  #673  
Old Posted Mar 9, 2017, 12:07 AM
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Originally Posted by iheartphilly View Post
These guys are businessman too. If they can't make the ROI on the project, it won't move forward. Time is money.
True, but give us back our sidewalk, Carl.
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  #674  
Old Posted Mar 9, 2017, 1:10 PM
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True, but give us back our sidewalk, Carl.
To which sidewalk are you referring? The last time I walked past there, the sidewalks on Spruce and on Broad were accessible.
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  #675  
Old Posted Mar 21, 2017, 2:45 PM
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Dranoff’s SLS International Hotel & Residences needs $19M more to break ground

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Is this the year that Philly finally sees the groundbreaking of Carl Dranoff’s 45-story SLS International Hotel & Residences? That all depends on the state budget.

Dranoff has applied to the Redevelopment Assistance Capital Program (RACP) for $19 million for his ambitious $240 million hotel and condo project slated for Broad and Spruce in Center City. It’s the second year the project has requested a state grant, after receiving just $1 million of the $20 million requested last year.

“In February of 2017, Dranoff Properties reapplied for the $19 million still needed and we await the Commonwealth’s decision,” Dranoff told Curbed Philly in a statement. “If the RACP grant is awarded we will have sufficient funding to move forward with the project and begin construction."

According to the application, the $19 million will go toward the non-residential portion of the project. The hotel will include 152 rooms and 7,000 square feet of food and beverage options. The 90 condos will begin on the 18th floor.

The public can weigh in on any of the projects up for RACP grants until March 30, 2017. But it’s not clear yet when the RACP funding will be announced: The website currently says “TBD.”
http://philly.curbed.com/2017/3/21/1...ruction-update
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  #676  
Old Posted Mar 21, 2017, 3:15 PM
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unbelievable. How in the world was the financing plan this dependent on getting 100% of the ask from the state? The state almost NEVER grants the full request amount.
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  #677  
Old Posted Mar 21, 2017, 3:17 PM
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unbelievable. How in the world was the financing plan this dependent on getting 100% of the ask from the state? The state almost NEVER grants the full request amount.
My prediction:

They will be 18 million short this time next year.
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  #678  
Old Posted Mar 21, 2017, 4:35 PM
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My prediction:

They will be 18 million short this time next year.
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  #679  
Old Posted Mar 21, 2017, 5:30 PM
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Knight Hospitaller Knight Hospitaller is offline
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Originally Posted by summersm343 View Post
Dranoff’s SLS International Hotel & Residences needs $19M more to break ground
Go Fund Me?
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  #680  
Old Posted Mar 21, 2017, 5:33 PM
mcgrath618 mcgrath618 is online now
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Originally Posted by Knight Hospitaller View Post
Go Fund Me?
I mean hey, I'd donate $100 or maybe more if the perk was I got one free night in the hotel.
Then again, SLS would never do that.
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