With one high-rise condo development nearing completion, Tom Scannapieco is looking for his sequel where the Ritz Five movie theater stands.
Scannapieco Development Corp. recently provided plans to the Society Hill Civic Association for plans to build a luxury condo building in the same style as his 500 Walnut project, which is set to be completed this year and is reportedly selling at higher prices than anywhere else in the city, the Philadelphia Free Press reports.
Scannapieco also plans to build a "lower-rise use" for the adjacent Nelson Building, for which a sale is already under contract. Though no sale has yet been reached for the building that houses the Ritz Five and no firm recommendation was given by the SHCA, Scannapieco claims that he would keep the theater as part of any new project.
The new project is set to resemble 500 Walnut in its use of condos that occupy large portions of each floor. 500 Walnut has 38 condos on 26 floors, and the sequel would aim for something similar.
While members of the neighborhood have expressed concern at additional density being built in the area, Scannapieco counters that the lot being on the edge of the neighborhood, slightly off a main street, and having only one neighboring single-family home make the location uniquely suitable for such a project.
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