Posted Jul 25, 2018, 12:11 PM
|
|
Registered User
|
|
Join Date: Jan 2017
Posts: 512
|
|
Southern Land ups the number of condos at the Laurel
https://www.bizjournals.com/philadel...ttenhouse.html
Quote:
Prospective buyers of the high-end condominiums at the Laurel, a mixed-use project expected to rise on the last developable site around Rittenhouse Square, can take a virtual tour of the 48-story high-rise that, among other aspects, will show how the sun might shine on the building during different seasons and provide 360-degree views of the city so they can compare units. No detail is too small when it comes to marketing and building a $300 million project at 1911 Walnut St. that has a starting price of $2.5 million for its condominiums. With ground breaking still a few months away in September, Southern Land Co., a Tennessee company, is already encouraged by early interest in the project's for-sale residential units.
Just a week ago, Southern Land took five floors that had been slated for apartment rentals and swapped them for condos, upping the number of for-sale units it is offering to 74 from 54. So far, 20 percent of the more than six dozen units were secured with more than $40 million in deposits. “We’ve had pretty spectacular interest,” said, development manager for Southern Land Prospective buyers can take the virtual tour and see cabinet, counter and other options at Southern Land’s sales office at 1845 Walnut, which is next door to the site, and in suite 1911. The buyers who have shown interest in the Laurel are those who already live in the city and many who already live around Rittenhouse Square but want an upgraded space or to find something bigger. “A lot of people want new space and don’t want to leave the square,” Emmons said. It’s too early to determine how that might manifest itself in the Rittenhouse Square resale market, though it might unlock some properties and opportunities for those who have longed to live in the tony neighborhood but haven’t had the chance to buy a condo. Because the number of condos remains in flux at the Laurel, how many of the building’s units will end up being rental or extended-stay remains unknown at this point. At one point late last year, plans called for 200 rentals and 60 to 75 condominiums. When it was approved earlier this year, the developer started out offering 54 condos until the interest led to the recent increase to 74. Emmons said financing is not an issue and construction will begin in earnest in September. The Laurel’s development will add to a growing high-end condo market in Center City that has been proven out by such projects as One Riverside, 10 Rittenhouse Square, 1706 Rittenhouse and the Residences at the Ritz Carlton.
|
Groundbreaking in September. I thought we previously heard that they planned a 2019 groundbreaking
|
Prev
I'm happy to buy a round at a meet-up. And we should definitely do it. My vote is at the Four Seasons bar when it opens.
Linear Mode
