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What 2 developments say about Philadelphia

On Wednesday morning, a ceremonial ribbon cutting will take place for Lincoln Square, a new $160 million mixed-use development on South Broad Street in Philadelphia and then late in the afternoon the following day, ground will be broken on the Laurel, a new $300 million luxury condominium tower that will rise on the last developable parcel around Rittenhouse Square…

…These two residential projects have little in common, although they show the diversity of development in Philadelphia, how far the city has come in terms of where investors are willing to take risk — Rittenhouse Square is a no brainer but an entire city block on South Broad is another, and who’s making those bets…

…Southern Land Co. of Tennessee is developing the Laurel. The company’s CEO, Tim Downey, is smitten with Philadelphia — especially Rittenhouse Square — and wants to “set the market” with the Laurel and its 74 condominiums and 24,000 square feet of retail. Southern Land is confident it will have buyers for the Laurel’s units, which will start at $2.5 million. Philadelphia has proven in recent years that there is a market for super high-end condos…

To read more, visit the Philadelphia Business Journal.



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