Posted Jun 8, 2017, 8:02 PM
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Join Date: Oct 2011
Location: Philadelphia
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From 8 floor plans to 18, Dranoff reflects on One Riverside as he prepares for next project
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With One Riverside nearly completed and residents starting to move in, Dranoff is beginning to turn his attention to his next Center City project, the SLS International, a project Dranoff is doing in partnership with SBE Entertainment Group. The $250 million development is almost 423,000 square feet and will be 562 feet tall at the corner of South Broad Street and Spruce Street.
“It will be the biggest, tallest, most expensive project I’ve ever done,” Dranoff said. “Our goal is the build an absolute iconic trophy building.”
The SLS would have 140 hotel rooms and 90 condominiums down from 123, a corner bar and restaurant, outdoor garden as well as street-level retail. In addition, the building is planned to have a rooftop lounge, 25-meter lap swimming pool and a 6,000-square-foot ballroom that overlooks the Kimmel Center for Performing Arts.
The project has been dormant for three years while the developer worked on getting a $20 million state subsidy from the Redevelopment Assistance Capital Program to help support the project. So far, just $1 million has been secured and Dranoff is hopeful to get the remainder later this year.
Dranoff has been here before. He waited years for state funding for One Ardmore Place and went through multiple other hurdles for that project that he initially proposed back in 2008. It wasn’t until this past March that construction on that development started.
Without the financial aid, SLS is going to be a challenging project to get done even though the concept of a duel hotel-condo project is in demand, Dranoff said. “It’s a combination needed and wanted in Philadelphia and it’s the most bull’s eye location in Philadelphia,” he said.
Mark Wade, a real estate agent with Berkshire Hathaway Fox & Roach and an expert on the Center City condo market, agrees the SLS project will work and find buyers for its units. One reason is that it's located at Spruce Street, which is a quintessential residential street in Philadelphia, Wade said. There’s also demand for condominiums at all price ranges — from the super high-end such as Dranoff’s One Riverside and SLS project and Scannapieco Development Corp.’s 500 Walnut to the more modestly priced units at $1 million and below.
“What I find to be the most interesting is Philadelphia is a sea of Toyotas and Mercedes and what’s coming down the pike is Bentleys,” Wade said. “The properties Dranoff and Scannapieco are putting out there are definitely going to feed the market. The demand is there.”
If the state funding comes through, Dranoff is hopeful to move forward with developing SLS by the end of the year. The project will take up to three years to build out.
“We need another project because we’re almost done here,” he said.
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http://www.bizjournals.com/philadelp...uce-broad.html
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