Nashville-based Southern Land Company has decided to rename its mixed use multifamily development in Philadelphia, The Laurel. The scheme is situated on the last remaining undeveloped parcel on Rittenhouse Square at 1911 Walnut Street. The $300 million project will feature 54 condominiums in addition to long and short term units with separate lobbies and entrances. Also 24,000 square feet of retail space will wrap around Walnut, Sansom and 20th Streets. “White-glove amenities” in the building will include valet parking, indoor lap pool and hot tub, five-star fitness center with luxury locker room and a yoga and Peloton room. A club room and terrace overlooking Rittenhouse Square will offer bar and catering kitchen, conference room and dog spa. Groundbreaking is slated for early 2019.
“Rittenhouse Square is Philadelphia’s Central Park, so the location doesn’t get any better,” said Tim Downey, CEO of Southern Land Company. “The condo market is also very strong right now. The project approval process in Philadelphia can be very challenging. We have spent three years working with neighbors and stakeholder groups on developing a project that reflects the magnificent and iconic location.”
