Southern Land Updates $300M Philly Plan
- Feb 26, 2018
Nashville-based Southern Land Company has revised project plans for its 1911 Walnut Street multifamily development in Philadelphia. In a nod to the Pennsylvania State Flower, the property will now be called The Laurel.
Situated on the last remaining undeveloped parcel on Rittenhouse Square, The Laurel at 48 stories will be Philadelphia’s tallest residential-only building. The $300 million Solomon Cordwell Buenz-designed tower will feature 54 condominiums in addition to long- and short-term units with separate lobbies and entrances. Large corner residences will provide panoramic views of the city and Rittenhouse Park.
Also part of the development will be 24,000 square feet of upscale retail wrapping around Walnut, Sansom and 20th Streets.
“Rittenhouse Square is Philadelphia’s Central Park, so the location doesn’t get any better,” Tim Downey, CEO of Southern Land Company, told MHN. “The condo market is also very strong right now. The stars have aligned for us in that manner. We couldn’t be more proud [or] excited about this development.”
“We’ve already received hundreds of inquiries expressing interest in The Laurel, which speaks volumes about the strength of this project and its iconic location,” said Brian Emmons, who is supervising development of The Laurel.
The developer reports residents will receive “white-glove amenities” that include valet parking, indoor lap pool and hot tub, five-star fitness center with luxury locker room, steam room and sauna, yoga and Peloton room. A club room and terrace overlooking Rittenhouse Square will offer bar and catering kitchen, conference room and dog spa.
Residents will also be afforded use of the luxury car service, as well as the rental suite for their out-of-town guests. The condo prices begin around $2.5 million. Full-floor penthouses are also available. Groundbreaking is slated for early 2019, with the sales center set to open at 1845 Walnut Street this spring.
“The project approval process in Philadelphia can be very challenging,” Downey said. “We have spent three years working with neighbors and stakeholder groups on developing a project that reflects the magnificent and iconic location. We are very happy with the way the process has [gone], and feel that working together with the neighborhood created a project that everyone will be proud of.”
The development will offer the best location and most sophisticated offerings of any residential project in the City of Brotherly Love, Downey noted.
“And now we have a name and a brand to match it,” he added. “The Laurel will set the market for luxury living in Center City, and we have spared no expense to ensure every detail is absolutely perfect.”