Developer Southern Land has plans to add another project to Rittenhouse Square in Center City, Philadelphia, even before their present project is completed. The developer, who is based in Nashville, recently purchased at 19,000-square foot piece of land at 1620 Sansom St. for $24.5 million on December 31, 2020, a purchase that fits into the developer’s current plans to demolish a parking garage on Sansom St. and build both apartments and retail space.
What Are Some of the Details of the Transaction and Project?
Rittenhouse Realty Advisors brokered the most recent purchase for an anonymous buyer, which closed on December 31. The purchase of the 19,000-square-foot parcel of land allows Southern Land to make plans to demolish the parking garage that currently stands at 1608-1634 Sansom St. in the Rittenhouse Square district. After razing, plans include a $180-million, 28-story multi-family tower that includes 32,000 square feet of retail space on the ground floor.
Overall, there will be 308 apartment units with a 55-car underground parking garage. Ken Wellar, managing partner of Rittenhouse Realty, said, “This was one of the last, best development sites in Rittenhouse Square.”
Since taking the property under contract in late 2019, Southern Land took their plans to the Civic Design Review process and had them approved. Most businesses underneath the parking garages on Samson St. have closed; however, several businesses remain open underneath but have plans to close during the early months of 2021.
What Is Southern Land’s Other Rittenhouse Square Project?
Southern Land is currently also working on another Rittenhouse Square project that has not yet been completed, and the construction at Samson St. is one of the last, best development sites in the district. Southern Land is also working on a 48-story skyscraper at 1911 Walnut Street known as The Laurel.
Ground on this project was first broken in 2019, and it is expected to complete in Fall 2022. Concrete was recently poured on the 22nd floor. When the building is fully completed, it will be the tallest residential building in the city of Brotherly Love.
Vertical construction on the Rittenhouse Square Samson project is expected to begin by August 2021, and forecasts have the project completion to occur sometime in mid-2023.
Contact CIS Leads for more information on this and other projects in the area.