PHILADELPHIA | The Arthaus @ 311 S. Broad | 542 FT | 47 FLOORS

[allovertown]

Originally Posted by Urbanthusiat

The grant is conditional on building the project. He’s not pocketing this money.

Sorry if my post wasn't clear. I know he's not pocketing money. My point was that if he is consistently awarded a small amount, year after year, it reduces his incentive to build sooner rather later. Year X + 1 is always a better deal to build than year X, and Year X + 2 is even better.

He has another project on the same block. Why would he start SLS in 2018 as it has sometimes been rumored here, as opposed to just starting the other smaller project and waiting on this one? The precedent has basically been set that they'll throw a million and change at him every year. It's not much now, but maybe he thinks this could go on until he's got 12 million 2026 or something like that. Why wouldn't he just wait this out and see how much money they'll ultimately give him and concentrate on other projects in the meantime?

The longer a project waits, there's more of a chance that economic factors change and the project is canceled. As someone who hopes this gets started in some form in 2018, I don't think this small award of state money helps those chances.

[City Wide]

Originally Posted by iheartphilly

^ Carl Dranoff has a storied history as a Philly developer. Both a Harvard and Harvard MBA grad, I think he gets what it takes to be a successful developer both from his prior and current experience and understanding of finance. I think Broad street land is hot right now and in limited supply. So, I rather wait a little longer, even if it means having a patch of un-manicured land sitting around, for the right scale, right looking property, high profile high-rise to to be concepted and built.

I don't think I understand----you'd rather wait then------what ??? It seems like waiting is the name of the game right now. No one is presenting a plan "B". And I'm ok with that; I don't think there is a long line of other developers just waiting around for this site to hit the market. I just wish he'll fill in the hole and plant some flowers, and if he then wants to wait 10 years, so be it. I think its wrong headed of him to not do anything, and its bad policy from the City to let that site just sit there in it's present state.

[iheartphilly]

Originally Posted by City Wide

I don't think I understand----you'd rather wait then------what ??? It seems like waiting is the name of the game right now. No one is presenting a plan "B". And I'm ok with that; I don't think there is a long line of other developers just waiting around for this site to hit the market. I just wish he'll fill in the hole and plant some flowers, and if he then wants to wait 10 years, so be it. I think its wrong headed of him to not do anything, and its bad policy from the City to let that site just sit there in it's present state.

He won't flip the land as my last post implied. And, I doubt he wants to flip it because believe he wants to earnestly develop it as the SLS hotel, but money is the problem. He may of received a determined and committed finance amount from lenders, but not enough to commence the project. So, until this part gets worked out, it will just be empty land/prime real estate-that's Plan B. Or you would seem to rather have it as a pocket park...LOL. But, seriously, I get it, make the lot look nice until...but that's why the fencing with the no peek screen is up.

[christof]

Isn't it time to bury this proposal once and for all?

[boxbot]

Originally Posted by christof

Isn't it time to bury this proposal once and for all?

Seems like it's been dead for a while and we're just kicking around the corpse.

[jsbrook]

Originally Posted by christof

Isn't it time to bury this proposal once and for all?

Not sure on this one. But I definitely think the W hotel is dead. That thing will never break ground.

[City Wide]

If this proposal got buried, what would we talk about!? Somehow we've filled 9 pages over the last year, when very little if anything has changed.

[skyscraper]

Originally Posted by jsbrook

Not sure on this one. But I definitely think the W hotel is dead. That thing will never break ground.

http://forum.skyscraperpage.com/show...34#post8030134

[iheartphilly]

Originally Posted by skyscraper

http://forum.skyscraperpage.com/show...34#post8030134

JSbrook is being sarcastic. S/He is a regular and is aware of the progress of the W Hotel.

[Mr Saturn64]

I didn't expect to see this happening. Honestly, now I'm starting to think that there's a chance of getting this off the ground. Hopefully, as this would look great in the skyline and as a building on its own. I think Dranoff's being underestimated.

[jsbrook]

Originally Posted by iheartphilly

JSbrook is being sarcastic. S/He is a regular and is aware of the progress of the W Hotel.

He. Yes, I'm being sarcastic. The W is a particularly good example. Many delays before digging began. The W had its approvals in the fall of 2012 and was supposedly fully financed and ready to go by spring of 2013. And then...it wasn't. Digging did not actually begin until June of 2015. Hotels are hard to do in this town. SLS may not get off the ground. Projects do die on the vine. But I wouldn't count it out just yet.

[skyscraper]

Originally Posted by iheartphilly

JSbrook is being sarcastic. S/He is a regular and is aware of the progress of the W Hotel.

glad to hear that, sometimes it's hard to tell. it wouldn't be the first time someone was oblivious to something like that.

[City Wide]

Originally Posted by skyscraper

glad to hear that, sometimes it's hard to tell. it wouldn't be the first time someone was oblivious to something like that.

I heard that "W" was cancelled. Great, now we'll have another hole in CC to live with! Maybe they can build a Wendy's there--------

[Daario]

Originally Posted by City Wide

I heard that "W" was cancelled. Great, now we'll have another hole in CC to live with! Maybe they can build a Wendy's there--------

Oh I thought that's what the "W" stood for. It's crazy that it's taking years for this Wendy's to get off the ground.

[jjv007]

Originally Posted by Daario

Oh I thought that's what the "W" stood for. It's crazy that it's taking years for this Wendy's to get off the ground.

yeah the Wendy’s is gonna be yuuuge.

[JohnIII]

When I look at the skyline and the prospects of this building being built if it ever gets built it will have a huge impact on the skyline from the East to West axis. From New Jersey (Camden or Gloucester) as well as from University City.

In addition the night time views from the said tower would be great for residents; to the north you have the city skyline and every other direct you have the landscape.

[PHL10]

Dranoff's tweaked South Broad Street tower means fewer hotel rooms, more dwellings

He said in an email Thursday that the changes won’t alter the building’s exterior size or shape.

http://www.philly.com/philly/busines...-20180112.html

In August, the developer released plans to build a 28-story condo tower at Broad and Pine Streets, rather than a previously proposal for a 22-story mix of apartments and hotel rooms under SBE’s Hyde brand.

He said he aims to begin work on one of the two projects in 2018.

Build where you already demoed a couple buildings first, Carl. We don't need another vacant hole at Broad and Pine too.

[mcgrath618]

Since I can't read the article (thanks Philly.com), does it give an approximate starting date for this tower?

[iheartphilly]

Originally Posted by mcgrath618

Since I can't read the article (thanks Philly.com), does it give an approximate starting date for this tower?

Yes, but it's ambiguous at best. Quote from article- "He said he aims to begin work on one of the two projects in 2018."

[PHL10]

-question already answered-