Carl Dranoff wants to construct a 47-story building called SLS International that would be part hotel, part luxury condos.
The project in the heart of downtown would require demolishing the longtime home of Philadelphia International Records.
The company put out a slew of now-classic hits by artists including Teddy Pendergrass, Patti LaBelle and the O'Jays. But its offices were heavily damaged in a fire in 2010.
The sleek new structure would be the tallest residential building in Pennsylvania.