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

[boxbot]

Originally Posted by summersm343

From Curbed Philly

Dranoff Properties said the current plan is to begin work on SLS first, followed by the Broad and Pine condo tower. SLS construction should begin by the end of the year or early 2018, as long as the developer is awarded its requested $19 million RACP state grant. The construction timeline on this 45-story tower is approximately two and a half years.

That grant is never going to happen, (nor should it). I assume that means that neither of these projects are getting built. Hopefully the City won't let him demolish the corner property without some sort of assurances.

[jsbrook]

Originally Posted by boxbot

That grant is never going to happen, (nor should it). I assume that means that neither of these projects are getting built. Hopefully the City won't let him demolish the corner property without some sort of assurances.

The Hyde project is eminently realistic, though I'd have a lot more faith if Dranoff wasn't still talking like this about SLS. I also agree that there should be no demolition absent assurances and proof of financing.

[Philly Kid]

The Hyde is a by-right for sale condo project...given Dranoff's recent successes with condos and the general condo market in Philly there is no reason this will not be built. If SLS does not receive the RACP grant then this project should definitely still be a go.

[boxbot]

Originally Posted by Philly Kid

The Hyde is a by-right for sale condo project...given Dranoff's recent successes with condos and the general condo market in Philly there is no reason this will not be built. If SLS does not receive the RACP grant then this project should definitely still be a go.

You are basing your opinion on what, exactly? Dranoff said the SLS is going to be built first - and SLS is contingent on him getting state funds that he's not going to get.

[skyscraper]

Originally Posted by boxbot

You are basing your opinion on what, exactly? Dranoff said the SLS is going to be built first - and SLS is contingent on him getting state funds that he's not going to get.

I think you're reading that wrong. The article said that construction should start by the end of the year or early 2018 as long as it gets the state funding. The way I read that, that means that if they don't get state funding, the project would start later, but not necessarily be canceled. I don't think they would put all their plans on the hope of getting state money, that would be crazy. Assuming they don't get it, they would need additional time to get alternative funding which they should already feel pretty good about or wouldn't even still be talking about this project.
Don't give up on SLS yet...

[Nova08]

Originally Posted by skyscraper

The way I read that, that means that if they don't get state funding, the project would start later, but not necessarily be canceled. I don't think they would put all their plans on the hope of getting state money, that would be crazy. Assuming they don't get it, they would need additional time to get alternative funding which they should already feel pretty good about or wouldn't even still be talking about this project.
Don't give up on SLS yet...

As much as I have a tiny bit of hope...they essentially are doing what you just described above. They did not get the State money the first go around. They appear to have made no movement on additional financing sources over the past year. And now I believe they requested essentially the same amount of money this year as last year. It's not like he secured more financing and is asking for half of what he previously requested from the State.

I hope we're all wrong.

[Larry King]

Is riverside sold out? I've been watching the public records and he's been getting some impressive numbers. Condo market in CC looks strong to me. He should kill the hotel portion of this building and do 100% condos, ground up hotels just seem very tough here unless you have significant subsidy or built cheaply like Cambria suites.

[Mr Saturn64]

The SLS would be great for extending the skyline further south, but even if it were to be built later, there may be future developments that fulfill this role. It would be nice to see something of this height down there, but it is by no means a realistic goal, given the money involved.

On a side note, apparently my mother met Dranoff personally back in the day.

[summersm343]

Start for this is listed as "Spring 2018" now on Dranoff's website.

[gjrip]

I feel like this and the W have just been crawling. Looking forward to actual progress on SLS. 4 years and nearly 40 forum pages with no concrete. For a while I really didn't think this was gonna get off the ground.

[Knight Hospitaller]

This is as likely in the spring of 2018 as a manned mission to Mars.

[jjv007]

Originally Posted by Knight Hospitaller

This is as likely in the spring of 2018 as a manned mission to Mars.

But we have a manned mission to Mars coming up this winter.

[Mr Saturn64]

Originally Posted by jjv007

But we have a manned mission to Mars coming up this winter.

Do we though? I thought that wasn't happening until 2030. On a related note, the technical name of a space shuttle is a Space Launch System, or SLS, if you'd prefer.

Either way, this jawn is dead. Dranoff may not want to admit it, but there is no chance this thing is getting up.

[El Duderino]

for what it's worth (next to nothing), i heard from someone affiliated with this a few weeks ago that a spring 2018 start is the plan.

[mcgrath618]

We said Chinatown couldn't get done, yet it did.
I know they're in different situations but I will reaffirm my position that Dranoff can and will get this done.

[crackpinky]

Originally Posted by El Duderino

for what it's worth (next to nothing), i heard from someone affiliated with this a few weeks ago that a spring 2018 start is the plan.

Do you know if the start is contingent on getting the state funding or are they going forward regardless? Dranoff has said they will only start once they get the $19 million or whatever it was, but not sure if he's saying that in hopes of getting at least a little more.

[El Duderino]

it didn't sound like it, but it wasn't directly mentioned. i don't want to start rumors or provide false hope, just relaying what i heard and wishing for the best since it could be very awesome.

[jsbrook]

Originally Posted by mcgrath618

We said Chinatown couldn't get done, yet it did.
I know they're in different situations but I will reaffirm my position that Dranoff can and will get this done.

My only thought is that Dranoff needed maybe half the RACP grants he sought and has diverted investors of Hyde to this project now that Hyde is a much more typical and easier to accomplish condo project. It still seems unlikely to me that this happens, but I hope to be proven wrong. I don't see any significant RACP funding happening, and it really should not for this project in this location. Whatever funds are needed from that pot, they will have to be made up from somewhere else.

[thisisforreal]

Activity on the site today. Slim crew of hardhats with surveying equipment.

[summersm343]

I don't believe it haha