Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.