By Syma Chowdhry and Paul Kurtz
PHILADELPHIA (CBS)–With a big announcement, Philadelphia’s skyline will soon have more company.
A new project on the corner of Broad and Spruce Streets will be the city’s tallest structure built for residential use.
“It’s just the center of activity. It really is the center of the city.”
Developer Carl Dranoff is partnering with a Los Angeles based company to construct a 47-story $200 million structure.
It will be called the SLS International—a building more than just condos.
Developer Carl Dranoff says, “SLS International will be the tallest building ever built exclusively for residential use in the state of PA.”
He adds, “1,600 direct and indirect jobs and probably $11 million, plus in tax revenues to the city.”
Mayor Nutter supports the building saying it keeps the city relevant.
“It’s just a further indication that people have confidence in this market place and want to build here.”
The SLS will have hotel rooms and condos, with a high-end restaurant and bar.
Dranoff says, “Oh people are so pumped up, Syma. It’s going to bring so much economic activity.”
The architect is Philly-native Eugene Kohn.
He and Dranoff have worked together locally on other projects, like the Four Seasons in Logan Square.
Kohn says, “When you work in your hometown you feel like you are making a contribution.”
The location for the building is the current home of the historic Philadelphia International Records, which was founded by Kenny Gamble and Leon Huff.
Gamble gave his blessing on this project saying the building will pay homage to the Philadelphia-based music.
“It would be an asset in my view.”
The groundbreaking will take place next Fall, with the project slated to take two years to be completed.
But the developer tells Eyewitness News condo sales will begin in a few months.