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Rittenhouse’s newest luxury apartment tower, the Laurel, has sold a quarter of its units

Rittenhouse Square’s long-anticipated luxury tower, The Laurel is plugging along ahead of schedule, and just sold 25 percent of its condos.

The 48-story building, which only broke ground last fall, is on track to hit its anticipated 2021 end date for construction, according to a statement from Southern Land Company, the developers behind the building. They expect to start laying the foundation on the building next month and delivering apartments in two years.

The Laurel is moving into the last undeveloped plot of land on Rittenhouse Square, at 1911 Walnut Street and, when finished, will be the tallest all-residential building in the city….

To read more, visit Curbed Philadelphia.

Southern Land Company Reaches 25% Sales Milestone of The Laurel; Sales and Construction Moving Ahead of Schedule

Debt Closing and laying of the foundation to begin in March 2019

PHILADELPHIA, PA– Southern Land Company has announced that The Laurel has sold 25 percent of units in the 48-story luxury residential tower, just three months after breaking ground ahead of schedule in fall 2018. In addition, the project has selected a debt consolidation partner and is slated to close on the transaction in spring 2019. The Laurel is the last undeveloped parcel on Rittenhouse Square, and once completed, will be the tallest all-residential building in Philadelphia.

Construction of the luxury tower is also moving ahead of schedule. With site utility work currently nearing completion, construction of the foundation is expected to begin in March 2019. The Laurel is scheduled to start deliveries in 2021.

Designed by Solomon Cordwell Buenz, the $300 million, ultra-luxury mixed use tower will include condominium residences in addition to long and short term residences with separate lobbies and entrances. The project also includes the preservation of the adjoining historic Warwick Apartments and Rittenhouse Coffee Shop.

Based on demand for larger residences, the condominium count has been reduced from 74 to 60. The Laurel will also feature 24,000 square feet of high-end retail that wraps around Walnut, Sansom, and 20th Streets. The floor plan features expansive corner residences, offering unparalleled panoramic views of the City and the eponymous park.

The strong demand at this early stage speaks volumes about The Laurel, which offers residents the final opportunity to buy a new residence in this incredible location,” said Brian Emmons, who is overseeing the development of The Laurel. “With the debt closing and upcoming pouring of the foundation this spring, we are thrilled to report The Laurel is moving ahead of our sales schedule.

Residents of The Laurel will enjoy white glove amenities including valet parking, indoor pool and hot tub, five-star fitness center with luxury locker room, steam room and sauna, yoga and Peloton room, Club Room and terrace overlooking Rittenhouse Square with bar and catering kitchen, conference room, and dog spa.  Residents can also take advantage of the rental suite for out of town guests and luxury car service.

The Laurel will offer residences with prices starting around $2.5 million. Full-floor penthouses are also available.

With 25 percent of units already sold, Southern Land Company is looking forward to working with interested parties about remaining units at their sales center at 1845 Walnut Street.

To receive project updates or make an inquiry about The Laurel, please register at www.TheLaurelRittenhouse.com.  

Southern Land Company builds quality communities that enhance the lives of our residents and tenants across the United States. With a comprehensive set of services that span the entire development cycle, Southern Land delivers distinctive settings where people want to live, work and shop. Founded in 1986, Southern Land is headquartered in Nashville, TN and develops properties in several key U.S. markets. For more information, please visit www.southernland.com.

Media Contact
Rebecca Devine
Maven Communications
[email protected]

The Top Real Estate Stories of 2018

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.

Luxury Rittenhouse apartment tower, The Laurel, breaks ground

The Laurel luxury condominiums in Rittenhouse Square celebrate groundbreaking

What 2 developments say about Philadelphia

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.