The Divine Lorraine Will Be Reborn, Just Not As a Hotel
Remember those plans to turn the Divine Lorraine into a boutique hotel? Scrap ’em. “We want to see this project get done now,” said Chris Cordaro of EB Realty Management. “It’s a better project if it gets done today rather than five or 10 years down the road,” he added, who said the hotel is feasible at the location but it’s too long of a development process. So, what’s in store for one of Philadelphia’s most intriguing buildings? Well, let’s just say it goes way beyond fancy drone videos.
Plans now include 126 apartments and two levels of retail, including a lower-level “Garden Veranda” that will expose the southern side of the building and activate it as a retail corridor along Ridge Avenue. The 20,000 square-foot main level will incorporate both retail and the lobby.
Backed by Billy Procida of Procida Funding (he’s backed a number of EBRM’s new project and loves Philly), the development budget for the project is $43 million and could get started as early as May, according to a report in the Philadelphia Business Journal. Alan Greenberger, deputy mayor for economic development, has taken a more conservative approach and hopes the project gets off the ground within 10 months.
“I’m optimistic that we can start earlier than that,” said Cordaro. EB Realty Management anticipates the project would take around 18 months to complete. So, if all goes according to plan, we’re looking at a timeline of around two years from now once all is said and done.
• More Divine Lorraine Coverage [Property]