one riverside

One Riverside is developer Carl Dranoff’s newest addition to the Philadelphia skyline.  Dranoff is no stranger to Center City development as he already has Symphony House, Southstar Lofts, Locust On The Park, 777 South Broad, and The Left Bank in his portfolio.  He’s also currently developing SLS International on South Broad St., which is a luxury hotel/condo combination.  The man loves South Broad St. as 4 of his 7 projects help anchor the Avenue of the Arts.  One Riverside will be his 2nd riverfront project in one of the city’s most charming and sought after neighborhoods, Fitler Square.

One Riverside is dripping with luxury.  The architecture, the amenities, the finishes, the views, and the location are all top tier.  The building consists of 82 residences (2 penthouses), soars 22-stories high, and is just steps away from the banks of the Schuylkill River.

The building includes the following amenities:

  • 24 hour attended lobby with concierge service
  • Valet garage parking
  • Private garden
  • Large terrace with outdoor kitchen and sweeping city views
  • Club Room with fireplace and catering kitchen
  • Business center and executive boardroom.
  • Hospitality suite for guests
  • State-of-the-art fitness center with locker rooms, showers, saunas, & steam rooms
  • 60′ indoor lap pool with outdoor terrace
  • Bicycle storage

Located on 25th and Locust, this glass skyscraper consists of only 4-6 units per floor providing a feeling of privacy and exclusivity.  Floor plans consist of 1-5 bedroom layouts with all units having chef’s kitchens, floor-to-ceiling windows, marble & porcelain baths, amazing river & skyline views, and exquisite finishes throughout.

One Riverside is certainly a welcomed addition to the city as it only further demonstrates the demand for the luxury market that has blossomed in Center City over the past few years.  In addition to One Riverside, buildings like 1706 Rittenhouse, 10 Rittenhouse, The Residences at Two Liberty, and 500 Walnut (which is currently being constructed) have all recently been built and proven the luxury market exists.  I believe sales at One Riverside have been pretty consistent, and their website advertises over $25 million in sales in just one week.

I think these luxury buildings have been nothing but positive for the city and its economy.  They’ve prettied up the skyline and they’ve brought in a new demographic to the Center City housing market, which is awesome.  However, I can’t help but wonder when a new, semi-moderately priced high-rise will go up.  I’m talking about a building with 12+ floors, 100+ units, where one bedroom units start around $325k to $350k and two bedroom units fall in the $450k to $550k range…something similar to The Phoenix, The Packard Grande, and/or The Ellington.  If that building were to go up today, then I believe it would sell out at a record pace.  I’m not a commercial developer, so I don’t know for certain, but maybe the price of land in Center City just doesn’t warrant a building like that anymore.