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Originally Posted by Philly Fan
I agree--and the mixed-use model definitely seems to be taking hold: CITC, FMC, SLS International, etc.
But I think this article's focus on Rittenhouse Square, in particular, is somewhat encouraging in terms of the luxury condo market in that area, since this lot is really one-of-a-kind in terms of a vacant lot's proximity to the Square, itself, and its micro-market. And of course, the hotel component can also be a winner in that regard.
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Yep. Perfect location for nice hotel/residence combo (with separate entrances). I think you want to try and maintain as much privacy for residents as possible. The model is exploding in other cities. 30 Park Place in New York is a good example. In addition to getting use of the hotel services, when retail and the hotel occupies the first floors of a building, all the residents benefit and get better views by being on a higher floor (with ensuing higher prices). I agree it's a one-of-a kind location and would be preferable to many buyers over other locations. Hope we get more details on this potential project soon!