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  #601  
Old Posted Oct 2, 2016, 1:35 PM
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Nope. That's the amount that was requested. A decision has not been made.
On this note, does anyone know when decisions on remaining RACP grants will be made and how much money is left in the "pot" so to speak?
     
     
  #602  
Old Posted Oct 2, 2016, 1:37 PM
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Nope. That's the amount that was requested. A decision has not been made.
Yep, my mistake.
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  #603  
Old Posted Oct 14, 2016, 9:33 PM
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Well let's see what happens now. SLS got $1 million in RACP funds, slightly less than the $20 million requested.

http://www.philly.com/philly/busines...ce-center.html
     
     
  #604  
Old Posted Oct 14, 2016, 9:51 PM
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Originally Posted by cjPhilly View Post
Well let's see what happens now. SLS got $1 million in RACP funds, slightly less than the $20 million requested.

http://www.philly.com/philly/busines...ce-center.html
I would not say "slightly," but "considerably." In any case, I really hope they can work out the numbers and make this happen!
     
     
  #605  
Old Posted Oct 14, 2016, 10:18 PM
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Delete. I see RACP funding news posted already.
     
     
  #606  
Old Posted Oct 14, 2016, 10:47 PM
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To be fair, they never expected to get $20 million, I'm sure. I'm not sure if they expected to more than $1 million though.
     
     
  #607  
Old Posted Oct 15, 2016, 2:02 AM
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I doubt $1 million is enough to move the needle here - but it's certainly better than nothing.

It seems Dranoff just sold the Royal Theater on South Street and the development plans to OCF Realty and another development partner who plan to now move forward with the project. Maybe Dranoff is going to take the money from the sale from that to put it towards SLS?
     
     
  #608  
Old Posted Oct 16, 2016, 2:03 PM
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i cant be mad at the state for only giving $1 million. Hard to justify giving grant money to a luxury condo/hotel property. They are lucky they got anything.
     
     
  #609  
Old Posted Oct 16, 2016, 4:48 PM
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I doubt $1 million is enough to move the needle here - but it's certainly better than nothing.

It seems Dranoff just sold the Royal Theater on South Street and the development plans to OCF Realty and another development partner who plan to now move forward with the project. Maybe Dranoff is going to take the money from the sale from that to put it towards SLS?
Real developers don't put any of their own money into a project. They might sign own for being the final name on a note, but its almost always done with other peoples money. They put their ego on the line, and in their world that is worth much more then cash.
     
     
  #610  
Old Posted Oct 16, 2016, 5:40 PM
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Real developers don't put any of their own money into a project. They might sign own for being the final name on a note, but its almost always done with other peoples money. They put their ego on the line, and in their world that is worth much more then cash.
That is not actually true (though maybe you're being a bit tongue in cheek). Virtually every real estate developer will be required by the investors/equity partners to have some skin in the game. The amount varies depending on track record and the deal. It may be as low as 3% or may be more like 25%. "Real" developers may put in less but generally will still put in something, and it can be non-negligible.
     
     
  #611  
Old Posted Oct 25, 2016, 4:09 PM
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Royal Theater site on South Street to be developed by new owner

Quote:
Dranoff said in an interview that he opted for the project's sale to concentrate on his larger development projects, such as the SLS Lux and Hyde hotel-residential hybrid towers proposed nearby on South Broad Street and the One Theater Square apartment tower now being built in Newark, N.J.
Read more here:
http://www.philly.com/philly/busines...th-street.html
     
     
  #612  
Old Posted Oct 25, 2016, 7:00 PM
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This is a little scary. Looking at this developer's previous projects, they are truly senior assisted living and ugly as sin. Hopefully he will get his act together on this. I wonder what he'll do with the empty lot just east of the Royal Theater? Are apartments totally out, or just out for the Kater street side?
     
     
  #613  
Old Posted Oct 25, 2016, 7:40 PM
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This is a little scary. Looking at this developer's previous projects, they are truly senior assisted living and ugly as sin. Hopefully he will get his act together on this. I wonder what he'll do with the empty lot just east of the Royal Theater? Are apartments totally out, or just out for the Kater street side?
The developer isn't alone, they are partnering with OCF Realty, who has done a boatload of developments all throughout South Philly, including a few on South Street.

The development plan was also bought from Dranoff, which includes demolishing everything except for the facade of the Royal, and building a new apartment building on the site and the empty lots to the east and west of the Royal. The only change seems to be for sale townhomes facing Kater instead of the apartment building abutting Kater.

You can see renderings of the plan here:
http://planphilly.com/articles/2015/...-design-hurdle
     
     
  #614  
Old Posted Oct 26, 2016, 4:24 AM
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If anyone can make the Royal happen, it's Ori.

Perhaps this sale is partly Dranoff admitting he's overextended himself? Between this, Royal, Hyde, One Riverside, the Newark and Camden projects, and that Ardmore jawn, he certainly does seem to have way too many balls in the air. Especially when he seems to work best focusing on a narrow pipeline.
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  #615  
Old Posted Dec 6, 2016, 1:12 PM
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Johnny Doc wrote a letter to the Inky describing the economic benefits of the SLS project ($362M) and goes on to say that state funding is critical in finalizing the funding picture. I'm confused here because I thought the grant was announced. I suppose this means they want more, but I don't see how that would be happening before 2017 grants are announced. Or perhaps we are still waiting for 2016 grants to be announced. Either way, this doesn't sound good in terms of seeing this project advance in spring 2017.
     
     
  #616  
Old Posted Dec 6, 2016, 1:59 PM
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I think it is time to stick a fork in this SLS proposal.
     
     
  #617  
Old Posted Dec 6, 2016, 4:02 PM
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I think it is time to stick a fork in this SLS proposal.
at least we got a nice vacant lot out of it. Thanks to dranoff for bulldozing the existing structure without funding to build anything. Nice!
     
     
  #618  
Old Posted Dec 6, 2016, 4:12 PM
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at least we got a nice vacant lot out of it. Thanks to dranoff for bulldozing the existing structure without funding to build anything. Nice!
Agreed... this is what the planning commission needs to enforce if the building is not registered historic and the historical commission cannot do a thing. A developer must PROVE that they have funding in place and ready to go for construction to start in earnest once the existing buildings are demolished. We have had too many buildings now demolished and the sites are sitting empty. This site, 3675 Market site, Boyd Theater, The National, 4th and Race. Have we learned nothing from the mistakes of the past? All of these sites had buildings on them, and now they're sitting as empty lots.
     
     
  #619  
Old Posted Dec 6, 2016, 4:51 PM
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This sucks. Right across from the Kimell Center too!
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  #620  
Old Posted Dec 6, 2016, 6:39 PM
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Sorry, guys - it's my fault for doing the diagram (and at 590', too!) I won't make that mistake again
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