This Week’s Philadelphia Deal Sheet: Mayor Celebrates Opening Of City's Tallest Residential Tower
Mayor Cherelle Parker cut the ribbon at the ceremonial opening of Philadelphia’s tallest residential tower.
The Laurel and sister apartment project 1909 Rittenhouse, owned by Nashville-based Southern Land Co., were dedicated by the firm’s executives and Parker Wednesday morning.
The Laurel is at 1911 Walnut St. and spans the building's 27th to 48th floors. About 60% of its 65 condo units have been sold, including a penthouse. Those units include white-glove amenities such as front-desk and car service, a yoga studio and gym, indoor and outdoor pools, and custom design.
The 184-unit 1909 Rittenhouse portion of the building, reserved for renters on the third through 25th floors, is 99% leased. Its apartments also include custom lighting, designer finishes and panoramic views.
“I’ve been fascinated by the design, the stature, and I don’t mind saying out loud that you have a mayor that values aesthetic appeal,” Parker said at the event. “How things look in our city matters to me.”
Southern Land Co. acquired the property on which the The Laurel sits in 2015, spending three years to get entitlements in place, Southern Land Vice President Brian Emmons told Bisnow.
Condos start at $2M apiece at The Laurel, attracting “business owners, executives, doctors, attorneys — people that are always going to have a presence in Philadelphia,” Emmons said.
The Laurel’s architect was Solomon Cordwell Buenz, and the general contractor was Hunter Roberts Construction Group.
Last fall, Northwind Group provided a $70M senior secured condo inventory loan collateralized by unsold condo units.
Southern Land is also behind Ronan Flats in Center City at 1904 Sansom St. The building is 100% occupied, including its 32 income-restricted apartments for those earning 60% or less of the area median income.
Parker said she is counting the company’s local sales and leases toward her goal of building 30,000 new housing units in the city during her term.
“I said, ‘Now how can I clone and get about 100 more of you to make that kind of investment here in the city of Philadelphia?’” she said.
DEVELOPMENT
NorthPoint Development has begun construction on a $590M industrial project, the company announced Friday.
The facility totals 3.8M SF and is at Turnpike 1 Trade Center in Woodstown, New Jersey, the firm’s first development in the state. The first building being constructed is projected to be completed by the end of 2024.
The project is expected to create more than 2,200 operational and construction jobs, according to an announcement.
NorthPoint has a 150.2M SF industrial portfolio and has developed and managed more than 5,000 multifamily units. The firm has a total of $19.5B in assets under management.
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Development group Odin Properties has dedicated its new 86-unit apartment project at 3475 Collins St. in Harrowgate.
Collins Lofts is a historic redevelopment of the former Tioga Mills site that spans two buildings for a combined 72K SF of residential and amenity space, according to a release. The buildings include amenities such as a dog run, a bilevel gym, a courtyard with grills and a cabana, on-site maintenance and a skywalk.
Collins Lofts is Odin Properties’ third residential project in the neighborhood, joining developments East Tioga Lofts at 2215 E. Tioga St. and the Westmoreland Lofts at 2000 E. Westmoreland St.
Odin Properties is exploring additional opportunities to deliver affordable housing in Harrowgate with the goal of creating a true mixed-income neighborhood, the release says.
TriState Capital Bank acted as the lender for Collins Lofts.
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Hightop Real Estate and Development’s $4M apartment project has wrapped up construction, according to Philly YIMBY.
The six-story, 50-unit mixed-use building at 342 W. Girard Ave. spans 43K SF, including 2K SF dedicated for retail. It also features a basement and parking garage.
The building was designed by Coscia Moos Architecture, permits indicate.
THIS AND THAT
It might be shedding leases elsewhere, but WeWork will remain in Philadelphia as it optimizes its real estate portfolio amid bankruptcy proceedings, the company announced this week.
The coworking company runs on the ground level of the East Market building at 1100 Ludlow St. The announcement indicates the company didn't have to renegotiate its lease terms with the building’s owner.
CORRECTION APRIL 18, 4:15 ET: This story has been updated to correct which floors include the building’s condo units and the total number of condos as well as to clarify Southern Land bought the property in 2015.
