14 Feb The Laurel marks early milestones
A little more than four months after breaking ground on the Laurel, Southern Land Co. is already checking off several milestones for the high-end residential project, signaling to the market and prospective buyers that the project is moving right along on time and, in some cases, ahead of schedule.
Construction loan? A $300 million construction is expected to be finalized in mid-March, clearing the way for the project to go vertical on what is the last development parcel on Rittenhouse Square. “Our goal is the day after we sign that we will begin construction,” said Brian Emmons, development manager for Southern Land, in an interview with the Business Journal.
Emmons declined to divulge which financial institution is lending the developer the money but indicated it’s a domestic firm. Infrastructure? When ground was broken last fall on the project at 1911 Walnut St., the company was able to get all of the utilities installed and other related work in preparation for the project to be built. The foundation is scheduled to get poured this spring.
Sales? Ahead of schedule. Twenty-five percent of its 60 condominiums have been sold though early projections had pegged 20 percent of the units would have been sold by this point. Emmons estimates that at the current pace, 30 percent should be sold by the end of March….
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