Carl Dranoff made a pretty major announcement pertaining to his One Riverside project at 25th and Locust Street adjacent to Schuylkill River Park: it will be chock full of 88 large luxury condos, not the 147 apartments in the original plans. Dranoff mentioned at a meeting for real estate agents only that the market has rebounded and that "there's a scarcity of this kind of product on the market." It's clear that Dranoff is bullish on the condo market making a comeback, especially luxury units. While this recent announcement shifts 88 condos into the fold, let's not forget about Dranoff's SLS International, which will add another 125 luxury residences and 151 posh hotel rooms.
Of the 88 condos at One Riverside, two will be penthouse units and sixteen will be 4 bed, 4.5 bath units ranging from 1,964 to 2,497 square feet. There will only be seven one bedroom units in the entire building. What's the price range to buy into the city's first ground-up built condo high rise since the downturn in mid-2000s? Units will run from $700,000 to $4,000,000 once the project is completed late-summer/early-fall of 2016. Looking to lure wealthy city slickers as well as their suburban counterparts, Dranoff Properties will set up a mobile sales office in a trolley outside of Locust on the Park. It will make field trips out to the 'burbs. Seriously.
· One Riverside's luxury units will be condos, not rentals [Philly.com]
· One Riverside Coverage [Curbed Philly]