Ardmore Township OKs Dranoff Properties’ $56 Million Luxury Project
By Veronica Grecu, Associate Editor
The first phase of a challenging revitalization effort in Ardmore is now closer to fruition as the developer, Dranoff Properties, unveiled the project’s official name: One Ardmore Place.
Originally unveiled in 2008 as the Cricket Lot or the Ardmore Station, the project was downsized from a $180 million, three-phase investment with 335 apartment units and 120,000 square feet of office and retail space. According to the Philadelphia Business Journal, Dranoff Properties was forced to resize the original project because the company failed to secure the federal and SEPTA financial help which included a $25-million TIGER grant from the U.S. Department of Transportation. Reportedly, the $15.5 million received from the state will be reinvested in the revised project while the developer is investing $44 million.
Conveniently located near the Ardmore train station, the $56 million One Ardmore Place will transform the township-owned Cricket Avenue parking lot into 121 high-end rental units with state-of-the-art amenities and a 24/7 concierge, 10,500 square feet of street-level retail space, as well as a public/private ample parking component with either one, two or three decks with more than 200 parking spaces.
As Main Line Media News previously reported, the project is estimated to create 900 construction jobs and 80 permanent retail jobs and generate around $40 million in annual revenue once construction is completed.
Rendering of One Ardmore Place courtesy of Danoff Properties
Tags: Architecture/Design, Ardmore, Commercial, Developers, Development, Dranoff Properties, economy, Finance/Investment, Investors, leasing, Local, luxury, luxury apartments, multi-family, National, One Ardmore Place, parking garage, Philadelphia Lead Story, Professional, redevelopment, Regional, retail