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Tax-Abatement Deal Questioned for Tower

PHILADELPHIA-Locally-based Dranoff Properties and SBE Entertainment Group of Los Angeles will build a 47-story hotel/apartment tower across from the Kimmel Arts Center.

By Antoinette Martin | Updated on December 17, 2013

PHILADELPHIA-Tuesday’s announcement of the 47-story hotel/apartment tower planned as a joint project between Dranoff Properties and SBE Entertainment was immediately countered by a City Councilman’s push to cut the tax abatement for the project – and pushback from deveoper Carl Dranoff, who says it is crucial.

Financing for the deal is 95% private, Dranoff has said. State business incentives and a 10-year abatement of city property taxes are supposed to cover the gap. 

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