Philadelphia Mayor Michael Nutter announced a major development project the city's about to undertake in a press conference at City Hall Tuesday afternoon.
The announcement confirmed that a luxury hotel will replace Family Court in the 247,000 square-foot building at 1801 Vine St.
Peebles Corporation out of New York and local developers P&A Associates, best known for the Murano Condos and St. James apartments, will work together on the development of the $85 million, 199 room Krimpton Hotel.
The hotel will also feature 16,000 square feet of spa and fitness space, 14,000 square feet of event space as well as a restaurant and bar.
The hotel is expected to give the Philadelphia economy a major boost, creating hundreds of temporary and permanent jobs.
“We are delighted to announce this major economic development project that will create more than 600 construction and permanent jobs in Philadelphia,” said Mayor Nutter. “The addition of a new Kimpton Hotel along the Ben Franklin Parkway will be a great addition to that historic boulevard."
The city is hoping that the development of the new hotel will enhance the Parkway Museum's District.
The Family Division will relocate to a new facility which is under construction at 15th and Arch Streets later this year.
Construction on the hotel is expected to begin in late 2014, early 2015.