PHILADELPHIA | The Arthaus @ 311 S. Broad | 542 FT | 47 FLOORS - Page 21

SSBMEXPERT · #**401** Posted **Jan 6, 2016, 2:23 AM**

So, if they can, at what point could the budget issue affect the chances of this getting built? I really, REALLY want to see this one rise ...course, then again, who on this forum doesn't?

summersm343 · #**402** Posted **Jan 15, 2016, 3:20 PM**

Little tidbit on this today

Quote:

In light of the increased demand for bigger units, Dranoff is considering making some design adjustments to his SLS International Hotel & Residences project on South broad Street to make it more conducive for those who want to buy multiple condos and combine them.

http://www.bizjournals.com/philadelp...s-booming.html

1487 · #**403** Posted **Jan 15, 2016, 6:16 PM**

Quote:

Originally Posted by summersm343

Little tidbit on this today

http://www.bizjournals.com/philadelp...s-booming.html

where did this theory about this building not happening based on $15m from the state come from? A news article? If any of this is true I suppose that means if the grant is cut from the budget the project won't happen. Seems hard to believe.

Philly-Drew · #**404** Posted **Jan 15, 2016, 11:43 PM**

The Dow is down 8.25% so far in 2016. That could certainly influence this project getting off the ground.

MusicMan84 · #**405** Posted **Jan 16, 2016, 4:10 AM**

It's raining outside. That could certainly have an impact on the number of speculations about this project.

Larry King · #**406** Posted **Jan 16, 2016, 2:35 PM**

Quote:

Originally Posted by summersm343

Little tidbit on this today

http://www.bizjournals.com/philadelp...s-booming.html

That's interesting. Dranoff believes more and more hnw individuals want to be here, he would know. Hoping the whole main line comes to town

jsbrook · #**407** Posted **Jan 16, 2016, 4:19 PM**

Quote:

Originally Posted by Larry King

That's interesting. Dranoff believes more and more hnw individuals want to be here, he would know. Hoping the whole main line comes to town

It makes sense that people are combining units. One Riverside will be a nice building, but I've said from the outset that the units are way too small. I'm glad there IS enough Main Line and other money flowing into town that can and want to combine units. Most combined units will be $2+ mil. I agree that the same should be done for SLS. At least for some of the units.

alasi · #**408** Posted **Jan 16, 2016, 4:20 PM**

this article again raises the question of why the Mandeville isn't being considered. It already had the expanded floor plan that Dranoff's mar4ket seems to want.

jsbrook · #**409** Posted **Jan 16, 2016, 4:25 PM**

Quote:

Originally Posted by alasi

this article again raises the question of why the Mandeville isn't being considered. It already had the expanded floor plan that Dranoff's mar4ket seems to want.

Maybe that will be next. I hope so! However, a wait and see approach could make sense. Despite the fact that things seem to be going well, there are a lot of ultra luxury units hitting the market if all projects come to fruition. It could make sense to wait and see how they are absorbed. No developer wants to be the next Ritz Carlton Residences.

McBane · #**410** Posted **Jan 19, 2016, 2:20 AM**

http://philaphilia.blogspot.com/2011...september.html

So many opinions amongst all the regular forumers here, but if there's one thing we can probably all agree on is that Mandeville Place is the most memorable and saddest victim of the 2008 housing crash (although Bridgeview is a very close second). The crazy thing is that the market conditions for Mandeville Place - in that specific location especially - are far better now than they were when it what proposed. I'd love to see Scannapieco resurrect this bad boy. That building seems like it would sell pretty easily.

Philly-Drew · #**411** Posted **Jan 19, 2016, 3:01 AM**

Quote:

Originally Posted by McBane

http://philaphilia.blogspot.com/2011...september.html

So many opinions amongst all the regular forumers here, but if there's one thing we can probably all agree on is that Mandeville Place is the most memorable and saddest victim of the 2008 housing crash (although Bridgeview is a very close second). The crazy thing is that the market conditions for Mandeville Place - in that specific location especially - are far better now than they were when it what proposed. I'd love to see Scannapieco resurrect this bad boy. That building seems like it would sell pretty easily.

Well said McBane. The only real threat I see to this project happening soon would be an economic environment like the one that killed the great projects you mentioned above. That's why I referenced the market in my previous post.

One difference here is that Dranoff has already spent some coin doing the demo on the site.

On a side note, I spoke with someone on New Years Day who said he worked with Dranoff. He knew an aweful lot about this project. He said it was a definite go, that construction will start for sure in "early 2016". So the company line stands.

Of course that was before the market took a bad turn. Here's to hoping for a rebound in the next few weeks!

summersm343 · #**412** Posted **Feb 9, 2016, 12:23 AM**

Spoke with Dranoff reps today.

I can 100% confirm that they are now only waiting on the state budget to pass due to incentives they are receiving for construction. The project will not move forward without the incentives, but the week the budget passes we will see activity on the site. All further financing is in place, designers and engineers done all work, and construction crews/contractors are fully in place.

Urbanthusiat · #**413** Posted **Feb 9, 2016, 1:35 AM**

Quote:

Originally Posted by summersm343

Spoke with Dranoff reps today.

I can 100% confirm that they are now only waiting on the state budget to pass due to incentives they are receiving for construction. The project will not move forward without the incentives, but the week the budget passes we will see activity on the site. All further financing is in place, designers and engineers done all work, and construction crews/contractors are fully in place.

Awesome, I've really been looking forward to this tower. It's going to really stand out on South Broad!

Philly-Drew · #**414** Posted **Feb 9, 2016, 2:59 AM**

Fingers crossed, hoping the budget passes pronto!

1487 · #**415** Posted **Feb 9, 2016, 1:31 PM**

Quote:

Originally Posted by summersm343

Spoke with Dranoff reps today.

I can 100% confirm that they are now only waiting on the state budget to pass due to incentives they are receiving for construction. The project will not move forward without the incentives, but the week the budget passes we will see activity on the site. All further financing is in place, designers and engineers done all work, and construction crews/contractors are fully in place.

well that's not good news considering how long the impasse has lasted and the fact that there is no resolution in sight.

Zoot · #**416** Posted **Feb 9, 2016, 2:33 PM**

Quote:

Originally Posted by summersm343

Spoke with Dranoff reps today.

I can 100% confirm that they are now only waiting on the state budget to pass due to incentives they are receiving for construction. The project will not move forward without the incentives, but the week the budget passes we will see activity on the site. All further financing is in place, designers and engineers done all work, and construction crews/contractors are fully in place.

Contractors are fully in place? I doubt that. They might have a signed contract, but unless Dranoff is paying them not to work daily, then their subs are now placed on other jobs. Getting them back or finding replacements (at the same negotiated cost) will be a challenge. There will definitely be another delay once the budget is passed and Dranoff is ready to move forward.

Arch+Eng · #**417** Posted **Feb 9, 2016, 3:14 PM**

Could have contractors in place. We have gotten jobs and the Owner has sat on them for months...even a year. Obviously most contractors cover their ass by saying this number is only good for 10 days to 6 months, but they may have just given the GC a GMP so as far as the owner is concerned, everyone is hired.

summersm343 · #**418** Posted **Feb 9, 2016, 3:19 PM**

Quote:

Originally Posted by Zoot

Contractors are fully in place? I doubt that. They might have a signed contract, but unless Dranoff is paying them not to work daily, then their subs are now placed on other jobs. Getting them back or finding replacements (at the same negotiated cost) will be a challenge. There will definitely be another delay once the budget is passed and Dranoff is ready to move forward.

I'm not sure how the logistics work but they have contractors signed on. That's what I was told anyways

Human Scale · #**419** Posted **Feb 9, 2016, 6:33 PM**

Quote:

Originally Posted by summersm343

I'm not sure how the logistics work but they have contractors signed on. That's what I was told anyways

I think he's underestimating how robust the construction industry is and how quickly a commissioned firm can throw together the appropriate labor.

Arch+Eng · #**420** Posted **Feb 9, 2016, 6:49 PM**

We were bidding on SLS Q3 2015...so im sure they already have their low/favored numbers and are ready to go.