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PHILADELPHIA-Parc Rittenhouse, a 305-unit residential condo, is being converted from the former Sheraton Rittenhouse and Rittenhouse Regency Hotels on the southeast corner of Rittenhouse Square at Locust and S. 18th streets. The conversion team is a partnership among locally based developers Lupert-Adler, Allan Domb of Allan Domb Real Estate and David Marshall of Amerimar Enterprises.

Domb tells GlobeSt.com the renovation cost is $60 million. He declined to disclose the cost of acquiring the two-component, 17-story building, which was built in 1925 as the elite Penn Athletic Club for rowers. Most recently floors three through seven were operating hotels and floors eight through 17 were rental apartments.

"The hotels have closed and just three or four apartments are still occupied," Domb says. Three floors are being added to the top of the structure to create five penthouse units with terraces overlooking Rittenhouse Square. "Unfinished, they will sell for between $3 million and $5 million." He notes that 80% of the units will sell for between $275,000 and $850,000.

The smallest units are studios of from 400 sf to 560 sf. One bedrooms range from 500 sf to 850 sf and two-bedroom units are between 800 sf and 1,400 sf. Domb says 200 units are already sold and he expects move-ins by the end of this year.

Locally based restaurateur Stephen Starr is creating Parc, an 11,600-sf French bistro on the ground floor beside the existing Devon Bar & Grille, which will remain. The renovation also includes the addition of a 4,400-sf ground-floor, landscaped atrium; a seventh-floor fitness center and outdoor pool, in addition to the restoration of the original Art Deco facade.

Parc Rittenhouse is one of three newly reported condo developments. According to published reports, New Hope-based Scannapieco Development Corp.'s long-planned 30-story condo at 1706 Rittenhouse Square St. will break ground this summer, offering one 4,000-sf unit per floor. The Trump Organization is in the process of obtaining land along the Delaware River for Trump Tower Philadelphia, a $190-million, 40-story condominium with approximately 250 units. Calls to Trump and Scannapieco were not returned by deadline.

Instant Insights /

Partners Plan $60M Condo Conversion of Rittenhouse Hotels

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