Approval paves the way for early 2019 groundbreaking
Southern Land Company has announced that The Laurel has received approval from the Philadelphia Civic Design Review Board to proceed with development, clearing the last regulatory hurdle for the much anticipated luxury mixed use tower. At 48 stories, The Laurel will be the tallest residential building on the last undeveloped parcel on Rittenhouse Square. With the final approval in place, The Laurel will open its sales center at 1845 Walnut Street in June with groundbreaking scheduled for early 2019.
Since acquiring the property in 2015, Southern Land Company has worked closely with community groups, historical preservation groups, and stakeholders to build support for the overall project plan, which includes the preservation of the adjoining historic Warwick Apartments and Rittenhouse Coffee Shop.
Designed by Solomon Cordwell Buenz, the $300 million, ultra-luxury mixed use tower will include 54 condominiums in addition to long and short term residences with separate lobbies and entrances. The Laurel will also 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 the eponymous park.
“When you purchase the last undeveloped site in Philadelphia’s most desirable location, the project has to be perfect,” said Dustin Downey, Senior Vice President of Multifamily Development, Southern Land Company. “We have worked very hard to deliver a project that the community will be proud of and we look forward to breaking ground early next year.”
Residents of The Laurel will enjoy white glove amenities including valet parking, indoor lap 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.
“We are experiencing extremely high demand for units, which is incredible given this early stage,” said Brian Emmons, who is overseeing development of The Laurel. “We are already accepting deposits and anticipate even more activity once the sales center opens this spring.”
Other Southern Land Company projects in Philadelphia include 3601 Market, a luxury mixed use multifamily community in University City.
To receive project updates or make an inquiry about The Laurel, please register at www.TheLaurelRittenhouse.com .
ABOUT SOUTHERN LAND COMPANY
Southern Land Company builds quality communities that enhance the lives of our residents and tenants across the United States. With a comprehensive set of services that span the entire development cycle, Southern Land delivers distinctive settings where people want to live, work and shop. Founded in 1986, Southern Land is headquartered in Nashville, TN and develops properties in several key U.S. markets. For more information, please visit www.southernland.com.
