20 Jun The Laurel Rittenhouse Square Closes Construction Loan
PHILADELPHIA, PA– Southern Land Company has announced that The Laurel has closed on a construction loan with Mack Real Estate Credit Strategies and commenced construction on their 48-story ultra-luxury residential tower in Philadelphia. The Laurel is the last undeveloped parcel on Rittenhouse Square, and once completed, will be the tallest all-residential building in Philadelphia. Twenty-five percent of the luxury tower’s condominium units are already under contract, with deliveries scheduled to begin in 2021.
“The Laurel is a once-in-a-lifetime development opportunity, so we were extremely selective in who we chose as our financial partner for this project,” said Brian Emmons, Director of Development for The Laurel. “Mack Real Estate Credit Strategies brings a unique mix of development experience and financial resources to The Laurel, and we are thrilled to partner with them as construction begins and sales continue to move ahead of schedule.”
Since acquiring the property in 2015, Southern Land Company has worked closely with community groups, historical preservation groups, and stakeholders to build support for the overall project plan, which includes a $400 million residential tower and the preservation of the adjoining historic Warwick Apartments and Rittenhouse Coffee Shop. The two historic buildings, which were previously vacant, will be preserved and repositioned.
Designed by Solomon Cordwell Buenz, the tower will include 60 condominium residences. The Laurel will also feature 24,000 square feet of high-end retail fronting Walnut, Sansom, and 20th Streets. All floor plans feature expansive corner residences, offering unparalleled panoramic views of the City and the eponymous park.
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 a luxurious suite for out-of- town guests and chauffeured house-car service.
The Laurel will offer residences with prices starting around $2.5 million. Full-floor penthouses are also available. Southern Land Company welcomes interested parties to visit The Laurel sales center at 1845 Walnut Street.
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