Gamble's company has reclaimed more than 100 abandoned homes in South Philadelphia since the 1970s. While his venture may stand in stark contrast to the luxury units of Symphony House where penthouses will go for about $1 million, and one-bedroom units begin at $300,000, the partnership signals efforts to make Avenue of the Arts both a neighborhood and an assemblage of arts venues "better than (New York's) Lincoln Center," Dranoff says.
The unveiling took place at Kimmel Center for the Performing Arts, a half block North of the parking lot that will become Symphony House. Kimmel itself was positioned as a "catalyst" for the Avenue of the Arts when it opened in 2002 alongside several existing theaters and symphony halls. When Philadelphia Industrial Development Corp. acquired the land for Kimmel Center, it also acquired the 35,000-sf Symphony House site, which Dranoff will purchase from PIDC. PIDC initiated and administered the process that resulted in selection of Dranoff's plan.
In addition to providing the first residences on the Avenue of the Arts, Symphony House will include ground-floor retail, an upscale restaurant, a 395-car garage, and a new 400-seat theater and offices for Philadelphia Theatre Co. PIDC stipulated that proposals for developing the parcel include an entertainment venue. The project is entirely funded from private sources, but residents will receive the same tax abatement currently available on other new Center City buildings, which forgives property taxes for 10 years.
The 31-story structure contains no more than nine units per floor. Finishes, appointments and services will be "best in market," Dranoff says. The 29th floor is devoted to building amenities, including a club room and catering facility, two boardrooms, a wine storage facility, fitness center, wrap-around terrace and garden sundeck with fountains.
Dranoff plans to break ground in January 2005. First condo availability is to begin in fall 2006, and completion is projected for January 2007. Prudential Fox Roach is handling condo sales. Meanwhile, Abdur-Rahim Islam, a Uni-Star principal and CEO of Universal Cos., envisions between 2,000 and 3,000 new residential units, plus small restaurants and music clubs from Pine Street south to Washington Avenue over the next five to seven years.
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