Philadelphia Style - - Contents - BY KRISTIN DET­TER­LINE

For Craig A. Spencer, the sky’s the limit at the rar­efied pent­houses in­side his Res­i­dences at The Ritz-carl­ton, Philadel­phia.

It’s too bad that Wil­liam Penn has his gaze per­ma­nently fixed to­wards North­east Philadel­phia from his perch atop City Hall. It’s with good rea­son—penn looks out over Fish­town’s Penn Treaty Park, where he signed a peace treaty with the lo­cal Leni Le­nape In­di­ans—but if he were able to make a quick turn to the right he would be star­ing at the trio of pent­houses at The Res­i­dences at The Ritz-carl­ton, Philadel­phia.

“There’s mul­ti­ple out­door decks, very high ceil­ings, and dra­matic views to the north, east, west, and even some to the south,” says Craig A. Spencer, chair­man and CEO of The Ar­den Group. Fac­tor in the en­tirely open shell—the 46th and 47th floors are all raw space—and you’re look­ing at one of the most unique res­i­den­tial real es­tate op­por­tu­ni­ties in the city. On a tour of the 47th floor, you walk in see­ing a con­crete shell and leave imag­in­ing out­door cock­tail par­ties within what feels like arm’s reach of City Hall or wak­ing up to a baby-blue Cen­ter City sky­line. Gary W. Greenip, vice pres­i­dent of sales and mar­ket­ing at The Res­i­dences, likens the pent­houses to world-class works of art. “The res­i­dences from the 45th floor down we con­sider our Pi­cas­sos, which are movein ready with their ex­cep­tional fits and fin­ishes. How­ever, our three pent­houses we con­sider to be a blank can­vas where the fu­ture owner will cre­ate their own Pi­casso.” Adds Spencer, “Ten thou­sand square feet of raw space in a lux­ury tower just doesn’t ex­ist in Philly.”

But Spencer has been mak­ing the im­pos­si­ble seem very pos­si­ble since

The Res­i­dences opened in Jan­uary 2009, in the thick of the global fi­nan­cial cri­sis. From the start, it was un­like any other res­i­den­tial prop­erty in Philadel­phia with its 48 floors (the 48th-floor pent­house was sold in May 2016) and 270 fin­ished con­dos fea­tur­ing 14 floor plans out­fit­ted with hard­wood floors, mar­ble­cov­ered baths, gourmet kitchens, and 180-de­gree views. The 7,000-square­foot fit­ness cen­ter ri­valed ma­jor city gyms, a res­i­dents’ lounge and me­dia room with a wrap­around ter­race over­looked what even­tu­ally be­came Dil­worth Park, and the build­ing had ma­jor de­sign cred cour­tesy of Han­del Ar­chi­tects, the same firm that de­signed the World Trade Cen­ter Memo­rial.

Its dis­tinc­tion as the only lux­ury branded build­ing in the city, thanks to its af­fil­i­a­tion with The Ritz-carl­ton, Philadel­phia a few steps away, is what Spencer be­lieves con­tin­ues to set The Res­i­dences apart. That and a di­verse mix of res­i­dents that ranges from mil­len­nial pro­fes­sion­als to sub­ur­ban empty nesters, who even have their sec­ond homes and pied-à-ter­res here. “You can have any­thing you want with a phone call,” says Spencer. “If you were go­ing away on va­ca­tion for three weeks, you could call the concierge to ask to have your fridge stocked and laun­dry and news­pa­pers de­liv­ered for when you re­turned.”

The sales speak for them­selves: Over the last eight years, the build­ing has sur­passed nearly all of its ini­tial pro­jec­tions, to­tal­ing al­most $280 mil­lion in sales to date and is es­ti­mated to ex­ceed more than $300 mil­lion by the end of 2017.

“We built The Res­i­dences when there hadn’t been a new lux­ury build­ing in 20 years,” says Spencer of the prop­erty’s con­tin­ued suc­cess. “It was the right time, right place, right brand, right lo­ca­tion... the stars just aligned.” Those same stars are even eas­ier to see from 47 floors up. 1414 S. Penn Sq., 215851-8000; philadel­phia res­i­dences.com

The Res­i­dences at The Ritz- Carl­ton, Philadel­phia shows guests just a few of the end­less de­sign pos­si­bil­i­ties for its two pent­houses with this 3,000- square­foot smart- home res­i­dence. in­set: Craig A. Spencer.

The Res­i­dences has had a front- row seat to some of the city’s big­gest ur­ban projects, in­clud­ing City Hall’s restora­tion, the $55 mil­lion Dil­worth Park, and a $14 mil­lion face- lift for Love Park.

A three- bedroom cor­ner res­i­dence has a bal­cony and win­dow- side break­fast nook for morn­ing cof­fee with a view.

The sec­ond-floor sun­deck is a year- round gath­er­ing spot, of­fer­ing some of the city’s best views for spe­cial events at Dil­worth Park and the an­nual Mum­mers Pa­rade.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.