Friday, January 3, 2014

Dranoff to partner with SLS on Philadelphia's largest residential high-rise

Ground Floor Shot - Avenue Place

That's right.

Carl Dranoff now officially owns all of South Broad St, just kidding. But he is making significant moves down there that almost make it seem that way.

Symphony House

777 South Broad

Southstar Lofts

... and now, Avenue Place (or so it has been dubbed).

With a BS from Drexel, and an MBA from Harvard, Carl Dranoff has been heavily involved in Philadelphia's development scene for over 30 years. Not only has Dranoff developed the newly-minted projects on S Broad St (mentioned above), he is also responsible for World Cafe Live and The Left Bank in University City, as well as other projects in Center City and Manayunk.

Needless to say, the dude knows how to build things in Philadelphia.

Which is why it's always encouraging to hear about one of his new, ambitious projects to help increase Philly's urban appeal. Avenue Place has been described as a mixed-use high-rise utilizing retail, hotel, and residential elements.

The retail aspect has been been defined as ground floor with a restaurant, the hotel portion has been defined as an SLS Hotel, and the residential piece has been defined as condos (which is good to hear). Philadelphia has seen many new construction apartments recently built, or in the process of getting built, so it's good to see developers putting their money back into condominiums and increasing home ownership in Philadelphia.

Here are some of the specs, courtesy of Liz Spikol at Philadelphia Magazine:

- 47 stories and 562 feet high
- 422,838 square feet
- Hotel and condos will have separate lobbies
- 162 hotel rooms
- 125 condo units ranging from one-bedroom to penthouse
- Ground-floor retail
- A fifth-floor, 6,000-square-foot, double-height glass ballroom
- A ground-floor corner bar and restaurant
- One level of underground parking
- Three levels of above-grade parking
- Total parking spots: 220
- Target groundbreaking: next fall
- Construction time: two years
- Cost: more than $200 million

Thanks, Liz!

If you're looking for more information on this project, these articles will help:

47-story building set for South Broad

Dranoff to build PA's highest residential tower

Philadelphia International Records out, 40-story hotel/condo in

Dranoff to develop another South Broad Street project

Photo courtesy of Bradley Maule - Hidden City Philadelphia

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