It is an L-shape building that wraps the historic Van Rensselaer mansion at the corner of Walnut and 18th streets, across from the park, and incorporates the facades of other existing historic properties. The Developer, ARCWheeler, is a JV between locally based Wheeler Brothers Holdings LLC and ARC Properties Inc., which is based in Clifton, NJ. It owns the existing properties, which include a Barnes & Noble under long-term lease, and the flagship Anthropologie store, which is located, also long term, in the mansion.

When 10 Rittenhouse Square was announced in mid-2004, the construction cost was estimated at $140 million. Now, Roger Friedman, an ARCWheeler principal, says, "It's closer to $200 million." He says the residential units are 50% pre-sold, and negotiations are underway for the remaining retail space. He tells GlobeSt.com, "There will be a 4,000-sf restaurant, a florist and a coffee shop."

He declined to disclose the value or rate of the Barneys lease. "The asking retail rate along Walnut is between $100 per sf and $150 per sf," he says. "This is premier space, and we got a pretty good rate." This will be Greater Philadelphia's first Barneys.