$15M Transforms Part of the Radisson to Residential Condos

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PHILADELPHIA-The top eight floors–14 through 21–of the Radisson Plaza-Warwick Hotel at 1701 Locust St., will be converted into approximately 100 residential condominiums. Those floors now contain 255 of the facility’s 545 rooms. The entire property and the remaining 290 hotel rooms will also be renovated.

The renovation and conversion is expected to cost more than $15 million. It will begin in early 2006 and reach completion by fall 2006. The project is being undertaken by Minneapolis-based Carlson Hotels Worldwide and locally based Allan Domb Real Estate and Frankel Enterprises.

Bill Frankel, co-owner of Frankel, says his firm is developing the renovation and conversion and has no ownership in the property. Domb, a major marketer of Center City condominiums, will handle the condo sales and is a partner in the project. Frankel tells GlobeSt.com, the selling price of units that are being completely fitted out by his company is $500 per sf. “Larger units can be purchased ‘as is’ for $350 per sf with a choice of three builders to handle completion.”

A new restaurant will replace the current Circles off the Square. The building renovation includes upgrades to the lobby, grand ballroom, crystal ballroom and mezzanine level along with the addition of a fitness center and club lounge. Condo owners will have access to all hotel amenities including doorman, concierge and room service. Carlson will continue to operate the property under the Radisson flag.

Frankel owned the hotel, which abuts Rittenhouse Square, from 1978 to 1998. The English Renaissance building was completed as a Warwick hotel in 1926 and is listed on the National Register of Historic Places. Radisson assumed management in July 2001.

Frankel’s other area developments include William Penn House, Kennedy House, 220 W. Rittenhouse Square, Parkway House and the Wellington Apartments. It is currently developing Admiral’s Cove in Jupiter, FL. In addition to marketing condos here, Domb is the developer of the Barclay Condominiums, the Lanesborough and the Saunders Building at 220 Washington Square.