Dranoff Properties Inc. is proposing to construct a new residential tower in Center City called One Riverside.
The Philadelphia developer is looking to build a 21-story structure on a parking lot at 25th Street between Locust and Manning streets in the Fitler Square neighborhood of the city, according to people familiar with the plans. It would sit near Locust on the Park, another one of Dranoff’s developments.
One Riverside would have about 167 units and roughly 1,000 square feet of retail and amenity space such as a fitness center, game room and club room, according to various sources familiar with the proposal. The project would front the Schuylkill River Trail. Apartments would occupy floors 3 through 20 and the top floor would have five penthouse units. The site is currently zoned industrial.
Dranoff Properties has another Center City project underway called Southstar Lofts, which is at South Broad and South streets. That project will have 85 apartments and more than 10,000 square feet of retail space. It is scheduled to be completed next spring.
Philadelphia has seen a bevy of new apartment construction and about two dozen projects are in various stages of planning and development. About 1,200 units are now under construction and another 2,100 units are being planned. Close to 600 new apartments have come on the market and are in the process of being rented out.
Source: Philadelphia Business Journal
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