thelaurel1, Author at The Laurel

The Top Real Estate Stories of 2018

thelaurel1 on January 4, 2019

One tall building, one hot market begins to cool, one dodged bullet and more.

What developments in real estate and development were the biggest ones this year? Here are my picks for the top real estate stories of 2018:

Amazon passes on Philadelphia. As in the other 18 metros Amazon was considering for its ballyhooed second headquarters, some tears were shed here in Philadelphia when the retail and tech behemoth opted to split the headquarters between two of the usual suspects, New York and Washington’s Northern Virginia suburbs. But the caterwauling was muted, and some even argued that the city had dodged a bullet when it failed to land Amazon. After all, not all of the 50,000 anticipated new jobs would go to people already living here, and the newcomers were likely to bid up housing even more than it has been in the past few years. One other positive outcome from the snub: Civic and business leaders are increasingly talking about growing 50,000 jobs here rather than luring them from somewhere else.

An historic seller’s market in Philly.How hot was the real estate market here? This hot: in the early part of this year, stories circulated of homeowners holding off on putting their current homes on the market out of fear that they couldn’t afford their next one. Inventories of houses for sale dropped to lows not seen before this past spring, and bidding wars broke out for properties. But while house prices continued to climb through the year, interest rate hikes have also pushed mortgage rates up after hovering around 3 percent for several years. This is dampening demand for new homes, but it also offer buyers hope that the market will cool and prices moderate in the coming year.

Rittenhouse Square, complete once again at last. Actually, it’s not complete yet, but the filling in of the empty hole at the square’s northwest corner is now underway…

To read more, visit Philadelphia.

Philadelphia’s biggest commercial real estate stories of the year

thelaurel1 on December 20, 2018

When looking back at the top real estate stories from 2017, I listed HQ2 as No. 1 and for this year’s list, Amazon’s search for a second headquarters gets to that position again.

Who’s Building Philly: Tim Downey

thelaurel1 on October 31, 2018

The Laurel at Rittenhouse Square introduces a luxury lifestyle worthy of this final residential opportunity on prestigious Rittenhouse Square.

The Laurel at Rittenhouse ground-breaking ceremony

thelaurel1 on October 24, 2018

The Laurel at Rittenhouse Square introduces a luxury lifestyle worthy of this final residential opportunity on prestigious Rittenhouse Square.

Luxury Rittenhouse apartment tower, The Laurel, breaks ground

thelaurel1 on September 14, 2018

Just off Rittenhouse Square, in a vacant lot, the long-anticipated luxury high-rise dubbed “The Laurel” is underway.

The 48-story apartment tower broke ground yesterday, kicking off construction for the project, which has been in the works for nearly three years, and will end up being the tallest apartment building in the city…

To read more, visit the Curbed Philadelphia.

The Laurel luxury condominiums in Rittenhouse Square celebrate groundbreaking

thelaurel1 on September 14, 2018

RITTENHOUSE SQUARE (WPVI) –In a promotional video of what is coming to Rittenhouse Square, The Laurel hi-rise grows tall at 19th and Walnut streets.

For 20 years now, the most coveted land parcel in Pennsylvania, The Laurel will be a $300 million ultra-luxurious tower, featuring more than 70 condos ranging from $2.5 million to $25 million for the penthouse…

To read more, visit the ABC Action News.

What 2 developments say about Philadelphia

thelaurel1 on September 10, 2018

On Wednesday morning, a ceremonial ribbon cutting will take place for Lincoln Square, a new $160 million mixed-use development on South Broad Street in Philadelphia and then late in the afternoon the following day, ground will be broken on The Laurel, a new $300 million luxury condominium tower that will rise on the last developable parcel around Rittenhouse Square…

…These two residential projects have little in common, although they show the diversity of development in Philadelphia, how far the city has come in terms of where investors are willing to take risk — Rittenhouse Square is a no brainer but an entire city block on South Broad is another, and who’s making those bets…

…Southern Land Co. of Tennessee is developing The Laurel. The company’s CEO, Tim Downey, is smitten with Philadelphia — especially Rittenhouse Square — and wants to “set the market” with The Laurel and its 74 condominiums and 24,000 square feet of retail. Southern Land is confident it will have buyers for The Laurel’s units, which will start at $2.5 million. Philadelphia has proven in recent years that there is a market for super high-end condos…

To read more, visit the Philadelphia Business Journal.

The Laurel Rittenhouse Preview Event

thelaurel1 on August 23, 2018

On June 20, 2018, The Laurel Rittenhouse, a luxury residential building that will be built on Rittenhouse Square, held a preview event for guests to have a first look at the highly anticipated tower. Guests were able to see the contemporary architecture and breathtaking views of the building, which will be the tallest residential building in Center City.

To read more, visit the Philadelphia Style.

Inside The Laurel at Rittenhouse Square

thelaurel1 on July 31, 2018

The long-awaited plan to bring a 48-story luxury apartment tower to Rittenhouse Square is finally getting underway, with a groundbreaking coming within the next three months.

In anticipation of the groundbreaking, developers The Southern Land Company have released renderings of the inside of the much-anticipated space, which they say will blend luxury and comfort.

To read more, visit the Curbed Philadelphia.

Southern Land ups the number of condos at the Laurel

thelaurel1 on July 30, 2018

Prospective buyers of the high-end condominiums at the Laurel, a mixed-use project expected to rise on the last developable site around Rittenhouse Square, can take a virtual tour of the 48-story high-rise that, among other aspects, will show how the sun might shine on the building during different seasons and provide 360-degree views of the city so they can compare units.