PHILADELPHIA, PA — Two major Philadelphia developers are joining forces to redevelop one of the Avenue of the Arts’ most prominent intersections. Dranoff Properties and Dwight City Group announced plans to combine their holdings at the northeast corner of Broad and Pine Streets into a single mixed-use residential and retail project.
The partnership merges 337 S. Broad Street, a parking garage with ground-floor retail owned by Dranoff, and 333 S. Broad Street, the former University of the Arts’ Anderson Hall acquired by Dwight City Group during the school’s bankruptcy. The unified development will stretch along South Broad and wrap the Pine Street corner, anchoring the entire block face.
Dwight City Group will lead development, with Dranoff serving as an investor. Plans call for 84 one- and two-bedroom apartments targeted at the middle market, resident amenities on a mezzanine level, a rooftop deck, and a ground-floor food and beverage venue. The parking structure will be renovated and integrated into the project, offering three levels of resident parking and maintaining its current height. Completion is expected within 14 to 16 months.
Carl Dranoff, founder and CEO of Dranoff Properties, called the collaboration “a win-win for Broad and Pine,” noting the benefits of delivering a larger, corner-anchoring development more quickly. Dranoff is also spearheading the $100 million AveArtsVision 2.0 public realm initiative, set to break ground this fall, which will remake the Avenue of the Arts median and sidewalks into a treelined promenade with café seating, public art, and performance spaces.
Judah Angster, CEO of Dwight City Group, credited Dranoff with proving the viability of residential and commercial investment along the Avenue. The intersection is already seeing significant activity: Scout is converting Dorrance Hamilton Hall into maker studios and artist housing on the northwest corner, Lubert-Adler is redeveloping the historic Gershman Y on the southeast corner, and Dranoff’s own Symphony House, completed in 2005, occupies the southwest corner.
The project continues Dranoff’s decades-long influence on Philadelphia’s urban revitalization. His developments—including Symphony House, 777 South Broad, SouthStar Lofts, and the $275 million Arthaus—have been credited with spurring billions in private investment and raising the Avenue of the Arts’ total value to $4.4 billion.
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