Luxury Real Estate Developer, Carl Dranoff, revealed plans for a 47-story glass residential tower to be built at the corner of Broad and Spruce, directly facing the Kimmel Center in Philadelphia.
This property known as Arthaus, will have 108 condos within a $2 million to $10 million price range, will be furnished with amenities like a 75-foot heated indoor pool, raised garden beds, and also outdoor decks for people to grow their own plants and vegetables.
The scheduled completion date sits around Fall 2021 and is looking to attract wealthy individuals within the city. The Arthaus will be built where the legendary Gamble & Huff recording studio once stood. There is a 10 year tax abatement that has obviously brought criticism over to this project. Mayor Jim Kenney says, “I know we’ve had a lot of discussion and controversy about the 10-year tax abatement. It works,” Kenney said. “It works, it has worked. It’s why people are living in Center City.”
“The ten-year tax abatement brings in people to the city from the suburbs. They’re coming in and paying a high wage tax and other city taxes,” he said. “At the end of 10 years they pay full taxes so it’s a great economic investment for the city.”
Well 10 years is a long time and the immediate need for most of America’s larger cities is for affordable housing and inclusive economic growth, which I’m not sure if the higher wage tax and other city taxes will help with this..
