Dranoff Properties Seeks $19M To Finish Luxury Hotel Construction
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Carl Dranoff has been planning to build a large hotel/condominium building at Broad and Spruce streets for years now, and he has turned to the Redevelopment Assistance Capital Program for help in raising the funds.
The RACP, a statewide funding program "for the acquisition and construction of regional economic, cultural, civic, recreational and historical improvement projects," awarded Dranoff Properties $1M of the $20M it requested for its SLS International project last year, and Dranoff is back asking for the remaining $19M this year, according to Curbed Philadelphia.
“If the RACP grant is awarded, we will have sufficient funding to move forward with the project and begin construction," Dranoff, who will be speaking at Bisnow's University City and Center City event next month, told Curbed.
The SLS International is slated to be a 45-story building, with the bottom 17 floors for 152 hotel rooms and 7K SF of food and beverage and 90 condos starting at the 18th floor. The hotel will be run by SLS, with the International in the name a nod to the historic Philadelphia International Records building that the hotel will replace.