Is this the year that Philly finally sees the groundbreaking of Carl Dranoff’s 45-story SLS International Hotel & Residences? That all depends on the state budget.
Dranoff has applied to the Redevelopment Assistance Capital Program (RACP) for $19 million for his ambitious $240 million hotel and condo project slated for Broad and Spruce in Center City. It’s the second year the project has requested a state grant, after receiving just $1 million of the $20 million requested last year.
“In February of 2017, Dranoff Properties reapplied for the $19 million still needed and we await the Commonwealth’s decision,” Dranoff told Curbed Philly in a statement. “If the RACP grant is awarded we will have sufficient funding to move forward with the project and begin construction."
According to the application, the $19 million will go toward the non-residential portion of the project. The hotel will include 152 rooms and 7,000 square feet of food and beverage options. The 90 condos will begin on the 18th floor.
The public can weigh in on any of the projects up for RACP grants until March 30, 2017. But it’s not clear yet when the RACP funding will be announced: The website currently says “TBD.”
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- It's Official: Dranoff Talks to the Inquirer About His 562 Ft. Hotel & Condo Tower [Curbed Philly]