Two prominent developers, Dranoff Properties and Dwight City Group, are set to redevelop a key intersection in Philadelphia’s cultural heart, the Avenue of the Arts. The collaboration will transform the northeast corner of Broad and Pine Streets into a single mixed-use residential and retail project, enhancing the urban landscape and contributing to the area’s revitalization.
The partnership combines two significant properties: 337 S. Broad Street, a parking garage with ground-floor retail owned by Dranoff, and 333 S. Broad Street, formerly known as the University of the Arts’ Anderson Hall, which Dwight City Group acquired during the university’s bankruptcy proceedings. This unified development will stretch along South Broad and wrap around the Pine Street corner, effectively anchoring the entire block.
Project Overview and Community Impact
Leading the development effort, Dwight City Group will oversee the project, with Dranoff serving as an investor. Plans include the construction of 84 one- and two-bedroom apartments aimed at the middle market, as well as resident amenities on a mezzanine level, a rooftop deck, and a ground-floor food and beverage venue. The existing parking structure will undergo renovations and will integrate seamlessly into the new development, providing three levels of resident parking while maintaining its current height. The project is expected to be completed within 14 to 16 months.
Carl Dranoff, founder and CEO of Dranoff Properties, highlighted the benefits of this collaboration, calling it “a win-win for Broad and Pine.” He emphasized that this partnership will allow for a larger, corner-anchoring development to be delivered more efficiently. This project aligns with Dranoff’s broader vision for the area, which includes the upcoming $100 million AveArtsVision 2.0 initiative. This public realm project, set to break ground this fall, aims to transform the Avenue of the Arts into a tree-lined promenade featuring café seating, public art, and performance spaces.
Revitalization and Future Prospects
The intersection of Broad and Pine is already experiencing significant activity, with various ongoing projects enhancing the neighborhood’s vibrancy. For instance, Scout is converting Dorrance Hamilton Hall into maker studios and artist housing on the northwest corner. Meanwhile, Lubert-Adler is redeveloping the historic Gershman Y on the southeast corner. Additionally, Dranoff’s own Symphony House, completed in 2005, occupies the southwest corner, further solidifying the area as a cultural hub.
This new project continues Dranoff’s extensive influence on Philadelphia’s urban revitalization. His developments, including Symphony House, 777 South Broad, SouthStar Lofts, and the $275 million Arthaus, have been instrumental in attracting billions in private investment. As a result, the total value of the Avenue of the Arts has reached $4.4 billion.
The collaboration between Dranoff Properties and Dwight City Group marks a crucial step in the ongoing transformation of Philadelphia’s urban landscape, promising to enhance the cultural and economic fabric of the Avenue of the Arts.
