Rendering of The Laurel, under construction at Rittenhouse Square, Philadelphia, PA
PHILADELPHIA, PA—Southern Land Company says 25% of the units in The Laurel, its 48-story luxury residential tower, have been sold, just three months after breaking ground ahead of schedule in fall 2018.
The project also has selected a debt consolidation partner and is slated to close on the transaction in spring 2019. The Laurel is the last undeveloped parcel on Rittenhouse Square, and once completed, will be the tallest all-residential building in Philadelphia.
Construction of the luxury tower is also moving ahead of schedule. With site utility work currently nearing completion, construction of the foundation is expected to begin in March 2019. The Laurel is scheduled to start deliveries in 2021.
Designed by Solomon Cordwell Buenz, the $300 million, ultra-luxury mixed use tower will include condominium residences, and long- and short-term residences with separate lobbies and entrances. The project also includes the preservation of the adjoining historic Warwick Apartments and Rittenhouse Coffee Shop.
Based on demand for larger residences, the condominium count has been reduced from 74 to 60. The Laurel will feature 24,000 square feet of high-end retail that wraps around Walnut, Sansom, and 20th Streets. The floor plan features expansive corner residences, offering unparalleled panoramic views of the City and Rittenhouse Square.
“The strong demand at this early stage speaks volumes about The Laurel, which offers residents the final opportunity to buy a new residence in this incredible location,” says Brian Emmons, who is overseeing the development of The Laurel. “With the debt closing and upcoming pouring of the foundation this spring, we are thrilled to report The Laurel is moving ahead of our sales schedule.”
Amenities planned for the property include 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 the rental suite for out of town guests and luxury car service.
The Laurel will offer residences with prices starting around $2.5 million. Full-floor penthouses are also available.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
