Apartment Tower With 164 Units Approved Near Drexel University

A new apartment tower is scheduled to rise at 32nd and Race streets near the campus of Drexel University after receiving approval from the Zoning Board of Adjustment on Wednesday.

The project includes 164 apartment units in a 192-foot tower, along with 12 three-story townhomes serving as a buffer between the tower and the lower-density Powelton Village neighborhood. It will have underground parking space to serve the apartment tower and a small surface lot serving the townhomes. The apartment tower will also include a child-care center that will be open to the public, serving around 150 children and employing 20 adults (presumably).

Read more at http://www.philly.com/philly/classifieds/real_estate/Apartment_tower_with_164_units_approved_near_Drexel_University.html#hRXQ8FGr0ziz38a3.99

Music History In South Broad Hotel-Condo Project

Introduced as interior designer for the 152-room SLS LUX Philadelphia Hotel, the iconic Phillipe Starck found it easy to strike the right chord with his audience of city movers and shakers.

Turning to Kenny Gamble and Leon Huff, the Frenchman thanked the recording impresarios for giving him “the kind of music that has allowed me to make good projects.”

“This is my opportunity,” Starck said of his first Philadelphia project, “to be able to pay my debt to you and your music,” to which he listens as he designs.

With speeches, gold bricks, and daytime fireworks Friday at the Kimmel Center’s Hamilton Garden, developers Carl Dranoff and Sam Nazarian, CEO of Los Angeles-based sbe Entertainment Group, led the tributes to Gamble and Huff.

Read more at http://www.philly.com/philly/business/20150314_Music_history_in_South_Broad_hotel-condo_project.html#Bbp17K28Dt0jt96z.99

Art Commission Gives Conceptual OK To Glass Tower At 5th And Walnut

Map of Pennsylvania highlighting Philadelphia ...

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

Architect Cecil Baker and developer Tom Scannapieco went before the Philadelphia Art Commission Wednesday with their concepts for creating a 26-story residential tower at 5th and Walnut streets. They were granted conceptual approval with a few caveats, including asking the applicants to bring corrected project renderings, more detailed streetscape plans, and examples of exterior construction materials when they return to the Art Commission for final approval later this year.

The “ultra-high-end” glass tower will include 40 residential units, with two units each of about 4,000 square feet on floors five through 13, and one 8,000- to 9,000-square-foot unit on floors 14 through 26. The developers are “going after a very small, very rich segment of the population,” said Cecil Baker. There will also be a yet-to-be determined ground-floor retail component at the corner of 5th and Walnut. The building will not include a restaurant but will have a fully automated parking garage.

Read more at http://www.philly.com/philly/classifieds/real_estate/Art_Commission_gives_conditional_OK_to_glass_tower_at_5th_and_Walnut.html#deMHlxaFHox30Q3Z.99

Philadelphia’s Luxury Rental Market Is Booming

Map of Pennsylvania highlighting Philadelphia ...

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

The city’s for-sale housing market is experiencing fits and starts on a seemingly unending road to recovery. The luxury rental market, on the other hand, remains hot.

Yet another illustration of that comes Wednesday with the official opening of Dranoff Properties’ Southstar Lofts, an 85-unit, mid-rise rental project at Broad and South Streets that is heavier on one-bedrooms than the company’s fully leased 777 South Broad a few blocks away.

Developer Carl Dranoff considers the buildings complementary, and tenants at Southstar will get to use the roof deck at 777 and will share other amenities.

Rents will range from $1,595 to $3,395 a month, he said. About 63 percent of those leasing are singles in their 20s, and 35 percent list their occupation as medicine. Most earn $50,000 to $150,000, and 48 percent are moving from within six blocks.

Read more at http://www.philly.com/philly/business/20140427_Phila__luxury_rental_market_is_booming.html#jYw0YTP7lsBDLXES.99

Enhanced by Zemanta

How Does LDS Church Finance A $70M Temple?

Map of Pennsylvania highlighting Philadelphia ...

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

Along the two blocks of North 17th Street on either side of the Vine Street Expressway in Center City, remarkably different financial trajectories of two religious groups are playing out.

At the headquarters of the Roman Catholic Archdiocese of Philadelphia, south of Vine, church leaders are turning property accumulated over generations – such as cemeteries – into cash in a bid to fill huge financial gaps.

About a block north, the Church of Jesus Christ of Latter-day Saints announced plans this week to build a meetinghouse and a 32-story residential tower next door to its $70 million temple, already under construction. The apartment tower alone could cost $75 million to $90 million, a real estate expert said.

Where do the Mormons get the money?

Read more at http://www.philly.com/philly/business/20140214_Two_churches__different_financial_trajectories.html#rE4QE48B2I9s6zuS.99

Enhanced by Zemanta

Mormons To Build 32-Story Tower Near Center City

Map of Pennsylvania highlighting Philadelphia ...

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

The Mormon Church plans to build a 32-story apartment tower and a public meetinghouse on a vacant lot next to the Vine Street Expressway, filling in a key piece of the no-man’s-land that has long separated Center City and North Philadelphia’s rebounding neighborhoods.

The private development by the Church of Jesus Christ of Latter-day Saints calls for 258 apartments, 13 townhouses, and retail shops at 16th and Vine Streets.

The meetinghouse will have a chapel, courtyard, multipurpose space, and a center to research genealogy, said Michael Marcheschi, senior real estate manager for the church’s national special projects department.

The development, announced Wednesday by Mayor Nutter and church officials, will stand next to the Mormon temple under construction on Vine Street and set for completion in 2016.

Read more at http://www.philly.com/philly/news/20140213_Mormons_to_build_32-story_tower_in_Center_City.html#xda8G1b8kTLrO4VA.99

Enhanced by Zemanta

47-Story Hotel/Condo Building Set For South Broad Street

Map of Pennsylvania highlighting Philadelphia ...

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

The developer Carl E. Dranoff is partnering with Los Angeles-based SBE Entertainment Group to build a 47-story, mixed-use luxury boutique hotel and condominium tower at Broad and Spruce Streets, across from the Kimmel Center, for more than $200 million.

The 422,838-square-foot SLS International, which Dranoff said would be Pennsylvania’s “tallest structure built for residential use,” is being designed by New York-based architecture firm Kohn Pedersen Fox Associates, whose chairman, A. Eugene Kohn, is a Philadelphia native.

The tower will rise 562 feet – 14 feet higher than the City Hall tower. Construction is expected to start next fall and take two years.

Dranoff said approvals for the project were at “the 3-yard line,” with Councilman Mark Squilla set to introduce legislation in City Council to extend the zoning designation CMX-5, which allows a higher building floor area in relation to the lot, past Spruce Street to Pine Street.

Read more at http://www.philly.com/philly/classifieds/real_estate/20131217_47-story_hotel_condo_building_set_for_South_Broad.html#IlL8VeqUSgPMoCJT.99

Changing Skyline: Challenge On The Schuylkill

Map of Pennsylvania highlighting Philadelphia ...

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

Ever since Philadelphia began taking its waterfronts seriously a decade ago, it has dreamed of shores lined with lithe, elegant, Vancouver-style towers.  Master plans were assembled, new recreation paths were laid, parks were created. Yet only a few high-rises have materialized, none of them the least bit thin or urbane.

That may be about to change.  Developer Carl Dranoff is planning a 21-story apartment building on the Schuylkill that has the potential to raise the bar for all waterfront design in Philadelphia.

Or not.

Before we venture further, a strong note of caution:  The project is still at an early stage, when only the site plan and the tower’s basic form, or massing, have been established.  We don’t know crucial details, like the color of the building or the material.  But the tower’s profile is svelte enough, and its architect good enough, that it is possible to imagine something special emerging.  Then again, we should keep in mind that Dranoff is the same guy who gave us the giant Pepto Bismol bottle called Symphony House.

Read more at http://www.philly.com/philly/home/20130726_Changing_Skyline__Challenge_on_the_Schuylkill.html#vQM37qxs5JRaUOJd.99