PHILADELPHIA—A lack of inventory for residential condominiums has promoted several developers in Center City to move forward with condo projects instead of rental housing.
Scannapieco Development plans to construct a 26-story building at 5th and Walnut streets that will include 40 condos. In addition, a number of other condo projects are moving forward as well, for example, a long-delayed 60-unit condo project at Two Liberty Place is being revived by the partnership of IStar Financial and Dranoff Properties that will complete the 58-story Residences at Two Liberty.
In addition, Dranoff is now converting its One Riverside residential project from rental to condominium, according to the Philadelphia Business Journal.
Dranoff's One Riverside project will feature 88 condos units instead of 147 apartments and 110 parking spaces rather than 88. Also, a floor will be added, bringing it to 22 stories. Construction is expected to begin in January on the project. See story in the Philadelphia Business Journal.
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