Symphony House, a name given to reflect its location, is a 31-story tower on a 36,032-sf parcel. It will include 167 residential condo units, a 395-car garage and ground-floor retail. The estimated construction cost is $90 million.

PTC will move from the Plays & Players Theater on Delancey Street to a new 450-seat theater, and its offices will be consolidated there above the production space. Construction will cost an estimated $10 million.

Selection of a developer occurred through a publicly advertised solicitation process, initiated in 2002 and administered by the Philadelphia Industrial Development Corp. A committee that included representatives from PIDC, the city's commerce department, the city planning commission, and Avenue of the Arts Inc. selected Dranoff. Locally based Bower Lewis Thrower is the architect.

A spokesperson for Dranoff declined to comment on the project, but suggested to GlobeSt.com that a formal announcement can be expected soon. Dranoff specializes in adaptive reuse of historical structures. Among its recent area projects are the Left Bank here in University City and the Victor building in Camden, NJ. Both are conversions of former industrial buildings into multifamily housing.