(To read more on the multifamily market, click here.)

PHILADELPHIA-The zoning board has granted approval for a50-story, 294-unit residential condominium at 1441 Chestnut St.,potentially ending a five-year legal battle over what would becomeof the entire Center City block that was blighted by the 1991Meridian building fire. The developer is Ardmore-based MarinerCommercial Properties, headed by Tim Mahoney and localphilanthropist Brook Lenfest.

Locally based Arden Group, which owns the Ritz-Carlton hoteladjacent to the Meridian site and a portion of the Meridian sitenext to 1441 Chestnut, unveiled plans this August for a44-story, approximately 280-unit condo, named Residences at theRitz-Carlton. Initial talks between the two developers aboutpartnering in a single project broke down and Arden, headed byCraig Spencer, challenged zoning variances provided to Mariner.

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