Lifestyle hospitality developer and operator sbe and real estate developer Dranoff Properties on Tuesday announced its plan to construct the SLS International Hotel and Residences at the high profile intersection of Broad and Spruce Streets in Center City Philadelphia. The project is expected to be completed in 2015.
The planned 47-story tower with a 150-room boutique hotel and 125 luxury condos is being designed by the architectural firm of Kohn Pedersen Fox Associated, and upon completion will be the tallest residentially-focused building in Pennsylvania.
The property will feature a full spa, fitness center, pool and ballroom/meeting facilities. sbe’s food and beverage brands such as The Bazaar by José Andrés, Katsuya by Starck and Hyde Lounge are being considered for Philadelphia, as well.
The condominiums at the SLS International will begin more than 200 feet high at Floor 20 and extend through Floor 47. With a maximum of six residences per floor, every condominium will have open floor plans with 10-foot ceilings, a balcony and panoramic views of the city.
The deal marks the second residential project in the SLS Hotels portfolio. sbe recently announced its global expansion into residential with the SLS Hotel & Residences Brickell and Hyde Hotels, Resorts & Residences currently under development in South Florida.
“As we enter the next decade of growth for sbe, we’re now laser focused on redefining the residential experience for a global community whose lifestyle exists without borders,” said sbe Founder Sam Nazarian. “By blending hotel and residential, SLS can offer our luxury amenities and services to the ‘forever guest,’ while providing residents exclusive access and concierge service to our sbe portfolio worldwide.”
“This is a game-changer for Philadelphia and the Avenue of the Arts – a corridor of culture and commerce to which I have been professionally and personally committed,” added Carl Dranoff, Founder and CEO of Dranoff Properties. “To bring such a landmark project to South Broad Street with Sam Nazarian and sbe is something that we would have never dreamed of just two decades ago. Today, we are confident that the pairing of our highly respected sales and development capabilities with sbe’s portfolio of brands and operational expertise will deliver a transformative project for the city of Philadelphia.”
“The SLS International will mark the gateway to the Avenue of the Arts on the Philadelphia skyline,” said A. Eugene Kohn, chairman of KPF. “It is a slender tower that maximizes the light and view surrounding it. For me what is exciting is that it stands opposite the Kimmel Center and gives it a proper partner in the city while also enhancing the city skyline. It also enriches the quality of life and activity on Broad Street. As someone who grew up in Philadelphia and went to Central High and Penn, I am very proud that our firm can make such a significant contribution to the cultural center of the city.”