Remember the W and Element Hotels proposed for the vacant lot on 15th and Chestnut Street, smack-dab next to the ritzy Residences at the Ritz-Carlton? Well, PlanPhilly has the scoop on the breakout of their double-hotel, which includes 295 rooms at the traditional (and four-star) W component and 460 rooms for the extended stay Element by Westin. Developer Brook Lenfest, who successfully received a $33M Tax Increment Financing package from City Council for the project, will present the plans to the neighborhood sometime next week. The entire thing will be managed by Starwood, contain a 1,700 square foot retail space at 15th and Chestnut Street and seek also LEED Certification. Awesome, right? Well, unless we're reading into things too much, Center City Residents Association isn't too keen on the project, which can move forward by-right.
PlanPhilly quotes an update from CCRA's newsletter. It's amazing:
"On the Monopoly board, even on Park Place, only one hotel can be placed on a property," the Center City Residents Association wrote in a newsletter on Friday. "But the developers at 1441 Chestnut, currently a parking lot south of the Condos at the Ritz, must have picked up one of those bonus cards, like the one that reads 'Your building loan matures - collect $150.'"
Construction is expected to take three years and be finished in the fall of 2017. Last time we checked in with the project, crews were reportedly on site testing the soil and snapping before and after pics in preparation for future construction work. Head over to PlanPhilly for a sweet rendering of the Lego-like hotel and more info on the $33M in tax incentives Lenfest received last year.
· Twofer: Starwood to bring new details on W and Element Hotel project at 15th and Chestnut [PlanPhilly]
· W Hotel is Starting to Percolate Near 15th and Chesnut Street [Curbed Philly]