$98 million condo complex going up in Center City

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It's just a construction site now but a tall thin glass tower called One Riverside will go up near the Schuylkill River between Spruce and Locust streets. (WPVI)

It's just a construction site now but a tall thin glass tower called One Riverside will go up near the Schuylkill River between Spruce and Locust streets.

With high in kitchens and luxury amenities this is not entry level living - a one bedroom starts at $685,000 and a three bedroom at $1.4 million.

"It's mostly the empty-nester market. People are generally in their 50s, 60s, 70s - they have a big home now in New Jersey or on the Mainline and their scaling down," said Marianne Harris, Dranoff Reality.

Units can have a commanding view of the river and the city.

Dr. Lisa Bellini of Penn is trading a 45 minute drive from the suburbs for a 15-20 minute walk to work.

"20 stories up so it's going to be different but different, as I learned, is not bad," said Dr. Bellini.

In the 1980s this area was a run-down warehouse zone.

Carl Dranoff is one of the first to develop housing here more than 20 years ago.

He credits the opening of the city's wildly popular Schuylkill Banks' park for making this a place where people will spend big to live.

"This is what we need to see more of - modest amounts of infrastructure and public investments spurring massive amounts of private investment. The tax ratables from this corner alone have probably gone up tenfold," said Dranoff.

When the tower was first proposed there was a neighborhood concern that sun reflecting off the glass would burn plants in the community gardens next-door.

Architect Cecil Baker explains the design was modified to use less reflective material.

"This portion has got what we call punch-hole opening and what we call solid elements," said Baker.

The price tag for the 22 story One Riverside $98 million and the expected completion date the summer of 2017.

Related Topics:
realestatephilly newsreal estatereal estate developmentconstructionhousingCenter City Philadelphia
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