Prominent Philadelphia developer Carl Dranoff is partnering with Dwight City Group to convert the former University of the Arts’ Anderson Hall into apartments as an investor, writes Ryan Mulligan for the Philadelphia Business Journal.
The CEO of Dranoff Properties also contributed the adjacent parking garage he owns to the project. Anderson Hall, located at 333 S. Broad Street, will gain three levels of parking for residents thanks to the garage at 337 S. Broad Street, in addition to expanded ground-floor retail space.
Dwight City Group plans to convert the nine-story building into 84 apartments. The redevelopment includes a mezzanine level, rooftop deck, and ground-floor retail space. The New York developer, with offices in Upper Darby, acquired the property for $8.5 million through UArts’ Chapter 7 bankruptcy. The building was previously used as a library and classrooms.
Dranoff and Dwight City present the project as a catalyst to transform the northeast corner of Broad and Pine streets, offering retail space that wraps around the corner and will extend along the block.
“This is a win-win for Broad and Pine and moves forward my vision for the Avenue of the Arts,” said Dranoff in a statement.
Read more about the latest plans to repurpose Anderson Hall in the Philadelphia Business Journal.
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