Dranoff Properties has built several significant mixed-use projects on South Broad over the last decade plus, including Symphony House, 777 South Broad, and Southstar Lofts. And as we’ve told you previously, this company has at least two more major projects in the queue for this corridor. Most recently, we told you about plans for a by-right 28-story building at Broad & Pine that will include 56 condo units, 92 parking spaces, and retail on the ground floor. It’s probably a safe bet that the new tenant in this building will be a bit of a step up from the Starbucks that’s held down the corner for so many years.
In addition to the project at Broad & Pine, Dranoff is also looking to build an even bigger building at Broad & Spruce. This project was first announced back in 2013, but demolition didn’t begin at the site until a little over a year later. At the time, we told you that the project would entail a 47-story building with 152 hotel rooms managed by SBE, and 90 condo units. With a name like SLS International Hotel & Residences, this project seemed likely to add another dash of class to the Avenue of the Arts. But to our surprise, the site has sat vacant since demolition finished in the middle of 2015.
A Philly.com story from today revealed that the details of the SLS project have undergone some tweaking of late. While the outside of the building won’t change a bit, the hotel room count will shrink to 101 and the condo count will increase to 114. It’s unclear, but it’s quite possible that the changes are related to the fact that the developers requested $19M in Redevelopment Assistance Capital Program funds but will receive (a mere) $1.4M instead. If indeed the smaller RACP grant has resulted in these changes and the building still works financially, then this is a big win, as those other RACP funds will go toward stimulating economic development in other parts of the city and state.
But the Philly.com story buried the lede, and following their, uh, lead, we did the same. At the end of their story, they indicated that Dranoff Properties plans to begin construction on one of these South Broad projects at some point in 2018. Our preference would be the SLS project, as the property has been sitting empty for over two years, while the property at Broad & Pine is at least actively being used. But whichever project it is, we’ll be thrilled to see something new and exciting rise on South Broad at some point this year.