Having run out of opportunities to change the game on Central Philly?s northern fringe, developer Bart Blatstein is seizing the chance to change the game at its very heart.
At a lavish news conference-cum-party last night, Blatstein took the wraps off an ambitious plan for a tourist magnet at the former home of The Philadelphia Inquirer and Philadelphia Daily News at Broad and Callowhill streets in Spring Garden.
Blatstein announced that his Tower Investments will transform the building into a casino-resort called The Provence. The complex will include a 125-room luxury hotel in the Inquirer Building tower, a 120,000-square-foot casino, a rooftop shopping and dining village, a botanical garden, a theater, a private swim club, a nightclub, a comedy club, a jazz club, a spa and fitness center, and meeting and function space, along with two indoor parking garages. Hard Rock International will manage the complex.
The project proved its power to attract even before a single permit has been issued by drawing a crowd of about 200, including just about every elected official within shouting distance of the project, to the Tedenza banquet hall in Northern Liberties ? the building whose north wall forms the south end of another game-changing Blatstein project, The Piazza at Schmidt?s ? for the formal announcement of the $700 million project.
The politicians were drawn to the announcement by the opportunity, which is similarly huge. ?Jobs, jobs, jobs. That?s what this is about,? City Council President Darrell Clarke told the crowd. The project will generate a lot of them: 3,500 construction jobs, an additional 5,300 jobs on completion, including 1,000 permanent jobs at the resort, and 1,000 temporary jobs upon opening. The facility would also give the city a revenue boost, generating $9 million in tax receipts during construction and a total of $25 million annually afterward from gaming, operations and ancillary spending.
?
Blatstein (right) with Jim Allen, CEO, Hard Rock International
Blatstein thanked the pols in his remarks for working to keep the city?s second casino license alive after previous attempts to build that casino failed. He also stressed the local character of the project: ?It?s important that this be a Philadelphia project developed by Philadelphia people.?
His operating partner, Hard Rock International CEO Jim Allen, established his local bona fides in his remarks, noting that ?we have more than one house downashore.? He also noted that changes in the state?s gambling law made this project possible by allowing non-slots gaming. ?It was important to us that this casino not be slots-in-a-box,? he said. ?This is truly a total entertainment complex.?
?
Blatstein speaks with reporters following the announcement
Allen said that it was the multifaceted character of the proposed development that both attracted Hard Rock?s interest and made it likely to succeed in a tough market for gaming. ?The Atlantic City market has been declining for four years because they don?t have the product and infrastructure to support a variety of entertainment options. And the old casino law in Pennsylvania didn?t allow casino owners to do anything other than slots. It?s really an apples-to-bananas comparison between this project and those other facilities.?
Publicity for the project noted that the jobs at the casino-resort would be easily accessible to residents of the surrounding neighborhoods. That issue is of concern to most of the elected officials in attendance. One of them, State Rep. Gary Williams (D-197th District), was optimistic yet cautious about the project: ?Conceptually, it?s great. But we don?t know what the nuts and bolts will be. I?m curious to know what the impact will be for two to three blocks on either side of the project. But overall, I?m liking what I see.?
As with prior Tower projects, The Provence is itself a huge gamble right now. First, Blatstein must obtain that second casino license. His is not expected to be the only proposal submitted when the Nov. 15 deadline for applications rolls around. Then, he must win approval from the various city planning agencies and neighbors, not all of whom support the proposal. But Blatstein is used to working through obstacles like this: it took more than four years for Tower to bring the Piazza from idea to shovel-ready project. The first step down the obstacle course for the Provence came last night.
-By Sandy Smith for PhiladelphiaRealEstate.com
First in a series of posts examining the potential impact of this project.
All photos by the author
Media professional with more than 30 years' experience in journalism and public relations. Launched award-winning newspapers at the University of Pennsylvania and Widener University. Editor-in-chief of this blog since May 2012.Source: http://blog.philadelphiarealestate.com/blatstein-swings-for-fences-with-hotel-casino-proposal/
college football recruiting rankings ground hog day 2012 aaron carter black history month did groundhog see his shadow soul train don cornelius rod parsley
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.