Southern Land Co. Debuts Luxury Philadelphia Tower
The building includes 21,000 square feet of restaurant space.
Southern Land Co. has officially opened Josephine, a 255-unit, 27-story luxury tower in Philadelphia.
In 2022, RBC Bank issued a $112 million construction loan set to mature in 2026, Yardi Matrix data shows. The developer broke ground that same year and topped out the tower in 2023.
Hunter Roberts Construction Group served as the general contractor, while Solomon Cordwell Buenz provided architectural services. Southern Land tapped Faulkner Design Group for multifamily interior planning.
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Floorplans include studio, one- and two-bedroom layouts, as well as penthouses, ranging between 554 and 2,748 square feet. Units feature quartz countertops, custom lighting, as well as access-control home entry systems. Select apartments include private balconies.
On the 27th floor, amenities consist of a swimming pool and spa, as well as a sky lounge comprising a bar and fireplace. The fourth floor features a club encompassing a gym, kitchen and outdoor grill, in addition to foosball and billiards tables. Across the first two floors, Josephine includes 21,000 square feet of restaurant space. Other amenities are composed of work-from-home spaces and a dog spa.
Josephine rises 320 feet on the site of a former parking lot at 1620 Sansom St., within walking distance of the Philadelphia City Hall and Rittenhouse Square. Earlier this year, Southern Land Co. opened The Laurel, a 48-story tower comprising multifamily and condo units, less than a mile from Josephine.
Deliveries hurl forward in Philly
During the first nine months of 2024, developers brought online north of 5,700 units throughout Greater Philadelphia, Yardi Matrix data shows. Should market conditions hold, a total of 9,262 units are expected to debut this year—significantly above 2023’s figure of more than 6,800 apartments.
Despite witnessing robust deliveries, metro Philly’s supply pipeline remained strong with upward of 16,600 units underway in October, the data provider shows. Year-to-date through September, developers expanded The City of Brotherly Love’s pipeline by 13.3 percent as they broke ground on more than 2,200 units.
Advertised asking rents rose by 1.9 percent in metro Philadelphia year-over-year as of September, a Yardi Matrix report shows. The growth was ahead of the one registered at a national level—0.9 percent.
Another luxury community opened its doors in Philly earlier this year. Toll Brothers Apartment Living and Sundance Bay’s Broad + Noble, a 344-unit community, officially opened in July. Wells Fargo issued a $100.2 million construction note.
