The following post was written by our Communications intern, Nadia Nidam!
Known for One Riverside on the Schuylkill, developer Dranoff Properties and architect Cecil Baker are back with a new condo idea! This time, the 28-story condo project is replacing original plans for a 23-story hotel on Broad and Pine Streets in downtown Philadelphia.
Initially, the plan for the tower was to create a 78-room boutique hotel. Worried that a hotel would increase traffic congestion on Broad, Dranoff tossed the proposal. Instead, the firm offered the idea of for-sale condominiums.
The residential space will consist of 56 condos. Located in center city, the new property’s residents will have access to the best shopping and dining options Philly has to offer. Residents will be happy to know that the first floor will feature retail for those lazy days when they do not feel like traveling. Although Philadelphia is extremely walkable, many who will live in this building have higher incomes, which comes with cars. With nearly two parking spots per resident, the 92 car parking garage will eliminate the stress of city street parking.
Before any work can begin on the Broad and Pine project, Dranoff must first complete his SLS hotel and apartments project. The construction for SLS will begin in 2018, and it will take about 2.5 years. The neighboring community is itching to know the timeline of the two projects. Rumors say that Broad and Pine project may begin first because of construction permit deadlines. Due to a CMX-5 zoning variance Dranoff obtained in 2015, it is pertinent to acquire a construction permit by 2020. We are patiently waiting for a definite timeline. Once all is good to go, it will take a little over 2 years to build.