The city seemed to be ready to add an exciting chapter to its saga of architectural ups and downs. The mayor prodded PIDC, Philadelphia's quasi-public economic development arm, into structuring financial packages to sweeten business dealings. Without those incentives and the mayor's stimulus program, the hotel deals like Loews in the PSFS Building, the Ritz in the Girard Trust Building, and Hawthorne Suites definitely would not have happened. Developer Carl Dranoff, formerly with Landmarks for Living, took advantage of the tax abatement program to convert National Publishing's factory building into Locust on the Park, creating 152 rental units at 24th and Locust Streets. Ten years ago rental prices for nice units ran a little better than half that.
Today there's a waiting list.
The existing urban fabric, full of intimate and interesting old buildings and charming alleyways like Drury Lane and Quince Street, provided the perfect complement to the monumental buildings along Broad, the reports noted. Revitalization, they concluded, was imperative to the city's cultural and economic renaissance. Local developers didn't see it that way, with the exception of Ron Caplan. Boutique businesses began to creep in. Atlas Hair, a hip salon, set up shop on Locust between 12th and 13th and opened Soapbox, a bath shop, next door.