Dranoff Launches One Ardmore, Successful Public/Private Partnership Project

ARDMORE, PA—Dranoff Properties launched its latest development, a ground-up mid-rise in Ardmore, PA, One Ardmore.

“Over a decade ago, we envisioned a transformative property that would serve as the breakthrough for Ardmore’s revitalization, a place where residents would live, work, eat, and play. One Ardmore does just that, bringing a new, vibrant energy to the downtown neighborhood, and all within a short distance to mass transit,” says Carl Dranoff, chief executive officer, Dranoff Properties. “One Ardmore is primed to become a go-to destination and the main hub between King of Prussia and Center City.”

One Ardmore is the culmination of a successful public/private partnership between Dranoff Properties and Lower Merion Township, which served as a principal catalyst for the economic revival of Ardmore and the arrival of high-quality residential living in the downtown district.

Dranoff Properties passed the keys to One Ardmore’s new owners, Denver-based Apartment and Investment Management Company, to which Dranoff recently sold a big chunk of its rental multifamily portfolio in the Philadelphia area.

“Ardmore is a neighborhood with a rich, historic background, in the heart of the Main Line. The investments being made in Downtown Ardmore will positively impact the future of the community – one with more residents, more shopping and entertainment, and more pedestrians,” says Pennsylvania Governor Tom Wolf. “I’m proud to support local initiatives like One Ardmore that boost and stabilize our neighborhoods, and ensure social and economic diversity.”

One Ardmore is a transit-oriented development, where residents can live, work, eat, and play with convenient access to SEPTA Regional Rail, Amtrak, Norristown High Speed Line, and buses. The eight-story mixed-use building features 110 high-quality one-, two-, and three-bedroom apartments, where residents will enjoy state-of-the-art amenities, including: a fully equipped fitness center; elegantly furnished clubroom and lobby; plus a spectacular eco-friendly rooftop plaza, complete with outdoor grilling, fire pit, all-season TV, and lounge areas among a lush green garden. One Ardmore also features 8,450 square feet of ground floor retail and includes a convenient and accessible parking garage for both residents and members of the community.

Dranoff Properties collaborated with Cope Linder Architects and Ardmore Initiative on the design of One Ardmore. The groups worked closely to ensure the outdoor facades, brick and glass exterior, and property entrances aesthetically represented the character of the Ardmore neighborhood, specifically that of Cricket Avenue, and fully exemplified the neighborhood’s community, culture, and history.

In April 2018, Aimco acquired four properties from Dranoff Properties’ multifamily portfolio, and added One Ardmore earlier this month.

“We are thrilled to add One Ardmore to our portfolio of properties in the Philadelphia market, the building is wonderfully appointed and ideally located along the Main Line,” says Wes Powell, Aimco executive vice president. “Ardmore is an idyllic place, with a rich history and promising future that we look forward to being part of.”

One Ardmore’s first residents are slated to move into their new homes beginning in May.