PHILADELPHIA, PA—Southern Land Company, a Nashville, TN, real estate company, has acquired the last undeveloped parcel of land on Rittenhouse Square. The L-shaped property is comprised of 1907-1914 Walnut Street and 1906-1920 Sansom Street.

“This is a premier property in one of the most sought after neighborhoods in Philadelphia,” says Tim Downey, CEO of Southern Land Company. “This is a great example of the type of project in which our company excels. In this case the property is in the heart of a desirable area where we plan to invest a great amount of energy and resources, working closely with the city and neighborhood groups.”

The company says it will meet with various stakeholders and neighborhood associations to plan the project, which it says will likely be a mix of residential and retail.

This is Southern's second project in Philadelphia. The company is currently developing 3601 Market Street, a 28-story apartment building with 363 units in University City. That project will begin preleasing in the spring and is scheduled to open in the summer of 2015.

“Philadelphia is a city where we see a great deal of long-term viability for projects,” says Downey. “It is a high barrier-to-entry market rich with American history, world-renowned cultural institutions, and top rated restaurants, all within walking distance of Center City. This project, like all of our projects, is one where we won't just invest in properties, but also the people, lifestyles and communities they inspire. We are thrilled to be a part of Philadelphia.”