One Riverside | Courtesy: Dranoff Properties
Developer Carl Dranoff was set to break ground on the One Riverside project at a ceremony scheduled for tonight at 25th and Locust. However, if it’s one thing we’ve learned from the tragic events of last night’s Amtrak train derailment, it’s that life can change in an instant. Dranoff Properties announced in an email that the groundbreaking ceremony for the luxury highrise on the Schuylkill River has been postponed “out of respect for all those affected by this tragedy.” No new date has been scheduled at the moment.
Here’s the entire statement: Read more »
We just love highlighting all the big-time developments in this city. Hell, we devoted almost an entire issue to the “New Boom” back in March. But how do projects like the W Hotel, East Market The Gallery, the SLS International Hotel & Residences and even the Divine Lorraine get funded? A decent amount of it oftentimes comes from matching funds from the state in the form of Redevelopment Assistance Capital Program (RACP). In fact, Joe DiStefano of The Inquirer reports that “developers, corporations, colleges, hospitals and towns” have requested over $1 billion in funds from the state. Last year, Gov. Tom Corbett saw $1.1 billion in requests, but only “funded $207 million of projects.”
Philly alone at 66 requests, some goodies from this year include:
Highlights from the ‘burbs include:
DiStefano reports that Gov. Tom Wolf is actually seeking more requests for RACP funding. Check out the full list at the link below.
Developers ask Penna. for $1 billion+ [The Inquirer]
More Headlines For Your Enjoyment!
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Radio Lofts at Front and Cooper Street | Google Street View
Stop us if you’ve heard this one before: the condo project has Radio Lofts in Camden is (still) stalled. It’s been around a decade since Carl Dranoff had planned to bring 86 high-end lofts to the Cooper-Grant neighborhood in Camden. The Inquirer reports that there is no start in sight for the project, largely due to lack of funds to properly remove the concrete floors that contain harmful toxins.
The Camden Redevelopment Agency, which owns the property, secured $4.5 million in grants for environmental remediation but still faces a shortfall of about $1.1 million, said agency director Saundra Johnson. The agency is responsible for cleaning up the property before Dranoff can complete the work, and Johnson said the agency was working to secure additional funding.
Yikes. Deemed structurally sound by city officials and not dangerous, the property is a severe eyesore to the area and currently has a fence around it. Up until a few years ago, it was also a drug haven and neighbors were concerned that Dranoff might pull out all together. Dranoff told The Inquirer in an email: “We remain as committed as ever to redevelop Radio Lofts.”
Dranoff has a lot going on at the moment. In the city, he’s in the thick of things as the SLS International Hotel & Residences, One Riverside and the Royal Theater. He’s also about to kick the tires on his other long-planned project called One Ardmore Place at the Cricket Avenue Lot in Ardmore.
A Must-Read from Citified:
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Welp, it looks like demolition at the future home of the SLS International Hotel & Residences is officially underway at Broad and Cypress Street (Spruce). That’s not at all surprising, considering developer Carl Dranoff along with the rest of his “Dream Team” – sbe’s Sam Nazarian, hit-makers Kenny Gamble and Leon Huff and star interior designer Philippe Starck – held a flashy press conference recently to officially welcome Starck and celebrate the history of the site. Dranoff called the project a “new gold standard” for the site, Read more »
Philippe Starck in Philadelphia | Photo: James Jennings
Bonjour mes amis. We have news. Philippe Starck was in town today to talk about his role as exclusive interior designer for Carl Dranoff’s SLS Hotel project at Broad and Spruce. It’s not a total surprise as Starck has been the boutique hotel chain’s key collaborator since its founding. Still, the official announcement has a certain frisson about it.
Property editor Jim Jennings spoke to Starck and was able to get the following through the Gallic fog of his accent:
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Rooftop rendering of One Ardmore Place | Image courtesy of Dranoff Properties.
One Ardmore Place, which recently had a lawsuit regarding it dismissed, has finally inched closer to reality, as the Main Line Times’ Cheryl Allison reports a construction-prepping date is slated for the next month or so. Let’s hope any opposition against it has waned by the time work starts, as the construction schedule for the mixed-use development calls for 24 months to conclude in spring 2017.
According to Allison, project manager Josh Weingram (also Dranoff’s vice president of development) announced this some days ago during the Ardmore Initiative’s annual leadership breakfast, adding that the first three months of the project would be taken up with utility work and that the Cricket Avenue Lot would still be open for parking, while advancing days will see closures along Cricket Avenue to Cricket Terrace.
Month 4, Allison writes, will see the lot close for excavation work.
While we’re all getting iced and rained on this week, it certainly looks like everything is coming up roses for Carl Dranoff.
According to Cheryl Allison of Main Line Times, Montgomery County Common Pleas Court Judge Bernard A. Moore dismissed the lawsuit brought against One Ardmore Associates, a partnership between Dranoff Properties and Lower Merion Township, by nearby business owners that could have blocked the transfer of the Cricket Avenue Parking Lot for the One Ardmore Place project. The mixed-use project seeks to bring 110 apartments, retail and a parking garage to downtown Ardmore. It has been contentious from the beginning, sparking a “Rally for Ardmore” back in November, and this current ruling looks to put it back on track for construction to start in the spring.
While the ruling is a major win for Dranoff, we all know it’s not his only project he has going at the moment. Read more »
With the Carl Dranoff team looking to work its luxury home selling magic on the Residences at Two Liberty Place–as they had once done for 10 Rittenhouse–we’re guessing it won’t be long before the 73 units at Two Liberty are plucked off the market. Just this past weekend, two of them were listed for over a million bucks.
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Following a December approval from the zoning board, Dranoff Properties can now take the next step in its plan to redevelop the historic Royal Theater on South Street into a new mixed-use space, which would retain the original structure’s facade.
According to the Philadelphia Business Journal’s Natalie Kostelni, the developer is expected to submit a demolition application to the Philadelphia Historical Commission this spring. The demo, which would be restricted to the rear portion of the property, will make way for new rental units and retail space that the South of South Neighborhood Association and other residents sees as a revitalizing new component to the area…
Last we wrote about developer Carl Dranoff, his proposed One Ardmore Place in Lower Merion had taken hit from local business owners who recently filed a lawsuit against the township for wrongfully permitting Dranoff to do what he will with Haws Terrace, a road directly behind his planned project.
Now, Dranoff is making headlines in Philly (but for less headache-inducing reasons).
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