Arden Group Will Open $300M Condos On Time

(Casey Freeman is associate editor of Real Estate New York and part of a three-person team now covering the Philadelphia market.)

PHILADELPHIA-Construction on the Residences at the Ritz-Carlton will be completed as scheduled, and by November residents will be able to move into their luxury condominiums, according to the CEO and president of the organization in charge of the developer. The $300 million building is located on the Avenue of the Arts in Center City.

The Residences will be finished �definitely on time,� Craig A. Spencer with the Arden Group tells GlobeSt.com. �The Residences is happy to be partnered with a top luxury hotel brand and this is unique to Philadelphia,� says Spencer. �Residents know that five-star level of quality and luxury will be maintained because its affiliation with the Ritz-Carlton. Buyers are getting the brand, the phenomenal architecture and construction, and the lifestyle.�Concrete work has been completed on 46 of the 48 stories oF the luxury building. The glass curtain wall will be finished by June, according to Spencer.

The entire building will have more than 440,720 sf, while individual unit sizes range from 890 sf to 2,045 sf. Units cost from $550,000 to $12 million for one-, two- and three-bedroom condominiums and penthouses. Owners will have access to all the luxuries of the hotel, as well as their amenities such as dog walking, childcare and exclusive gyms.