Developer Carl Dranoff is continuing his march
down South Broad Street in Center City.
Dranoff is reportedly looking to assemble
multiple parcels along South Broad Street — also known as the Avenue of the
Arts — at Spruce Street and Cypress Street. Preliminary plans entail
constructing a large mixed-use project that would include condominiums, a hotel
and a restaurant across from the Kimmel Center.
That the developer is reportedly considering
condominiums signals that the multifamily market may finally be at a point to
support for-sale units now that many condo projects, such as 10 Rittenhouse
Square, have finally been sold — leaving little inventory on the market.
Dranoff, who is president of Dranoff Properties,
couldn’t immediately be reached for comment but several people have been
briefed on the developers initial plans.
Dranoff is one of the city’s more prolific
developers. He has initiated and completed several residential developments
along South Broad including Symphony House, 777 South Broad and South Star. He
also has plans to develop One Riverside on South 25th Street along the
Schuylkill River.
A project on this scale on South Broad would
continue to define an ever evolving Avenue of the Arts, which has its arts and
cultural anchors firmly established and is gradually rounding out other facets
of the street by adding more residential and retail.
Source: Philadelphia
Business Journal
No comments:
Post a Comment