PHILADELPHIA | THE LAUREL @ 1911 Walnut | 604 FT | 48 FLOORS

[Plokoon11]

I see digging going on in the webcam.

[Jayfar]

Originally Posted by Plokoon11

I see digging going on in the webcam.

And also the trees seem to all be in place now on the lower roof of the Harper; you can see the trees coming in in the time lapse view.

[Kfmcshan]

[PhilliesPhan]

I took some pictures while on lunch:

[Redddog]

Originally Posted by PhilliesPhan

I took some pictures while on lunch:

Oh Yeah.

[summersm343]

Yasssss!

[jsbrook]

Progress here is picking up. Couldn't grab a pic when I swung by today, but I'll take new pics of both this and Arthaus if I have time Sunday. And Monday if not.

[Boku]

Developer secures $295M loan for Rittenhouse Square tower

https://www.bizjournals.com/philadel...se-square.html

Southern Land Co. closed Tuesday on a $295 million construction loan with Mack Real Estate Credit Strategies for the development of a $400 million high-end residential tower on Rittenhouse Square in Philadelphia called the Laurel.

The developer has also received a new zoning permit for some alterations it made to the original plans for the 48-story building. The number of condominiums did not change, remaining at 60, and the number of income-restricted rental units it will have at the adjacent Warwick also remains at 32. However, rather than 185 apartments it now has 184. Parking increased to 208 stalls from 174 and the amount of retail space the project will have swelled to 44,000 square feet from 24,000 square feet.

The changes in the amount of retail space and parking were driven by an undisclosed tenant the developer has negotiated a lease with for the space, said Brian Emmons, director of development at Southern Land. The tenant has taken a majority of the retail space and will be revealed at a later date. “It’s going to be a game-changer for the square,” he said.

The starting price for the Laurel’s condos is around $2.5 million and so far, 25 percent of its condos are under contract, though that number is expected to rise. The developer is finalizing a contract for its first full-floor condo sale. The number of sales put it on solid footing when it went to secure the construction loan.

“When we went to the debt market, we wanted to be 25 percent sold,” Emmons said. “We wanted to have a proven project. The project was very well-received by the debt market.”

Up to this point, Southern Land has funded costs associated with the project. Mack Real Estate Credit is the financing arm of Mack Real Group of New York. The first units are expected to be completed in 2021.

[Londonee]

Originally Posted by Boku

Developer secures $295M loan for Rittenhouse Square tower

https://www.bizjournals.com/philadel...se-square.html

^Hasn't Equinox kinda been unofficially confirmed?

[jsbrook]

Originally Posted by Londonee

^Hasn't Equinox kinda been unofficially confirmed?

No, it was denied. And their marketing head, Eva, told me in person that it would not be an Equinox. But that was a long time ago. I would not call it a “game changer”, but I would be happy if they switched gears and decided to go with an Equinox. Bellevue Sporting Club really needs to step up its game. I would definitely switch over to Equinox when back in the city fulltime if they put one there.

[summersm343]

Work on 48-story tower next to Rittenhouse Square starting in earnest with $295M loan

Developer Southern Land Co. has closed on a $295 million loan to finance construction of its planned 48-story apartment-and-condo building known as the Laurel on the last sizable piece of undeveloped property near Rittenhouse Square.

The loan from Mack Real Estate Group of New York will enable Nashville-based Southern Land to begin construction at the 1907-1915 Walnut St. site where it has completed utility-relocation work after a groundbreaking ceremony in April, Brian Emmons, the developer’s manager for the Philadelphia project, said Monday.

Southern Land received its final city approvals for the project, which is to include 54 condo units, 235 rental apartments and nearly 45,000 square feet of retail space, in May 2018. The loan to complete construction was brokered by a team at real estate services firm Newmark Knight Frank.

https://www.inquirer.com/news/laurel...24.html#loaded

[Londonee]

54 Condos to 235 rentals? That's a bummer.

[PHL10]

Originally Posted by Londonee

54 Condos to 235 rentals? That's a bummer.

Why? (I'm not countering your point but really had no opinion of the condo/rental mix.)

[Londonee]

Originally Posted by PHL10

Why? (I'm not countering your point but really had no opinion of the condo/rental mix.)

I'm speaking in generalities - but, on the whole, owners will be far more likely to invest in things like The Square (it doesn't stay beautiful and manicured b/c of the city's $$ budget - that's privately funded), aesthetic and QOL improvements in the 'hood, donate to CCRA and CCD, become active in the community, etc.. The more High net worth OWNERS taking a stake here, the better imo.

My folks own a condo in a building in Center City that by condo-association mandate
has to be at least 55%owner/45%renter. And the turnover among the renters is insane - they get new people on their floor every few months. A lot are residents at hospitals or the road-warrior consultant class who basically need a nice place to store their crap for a year or two before moving on. Basically, they have little interest and much less invested n the community.

[cardeza]

Originally Posted by Londonee

I'm speaking in generalities - but, on the whole, owners will be far more likely to invest in things like The Square (it doesn't stay beautiful and manicured b/c of the city's $$ budget - that's privately funded), aesthetic and QOL improvements in the 'hood, donate to CCRA and CCD, become active in the community, etc.. The more High net worth OWNERS taking a stake here, the better imo.

My folks own a condo in a building in Center City that by condo-association mandate
has to be at least 55%owner/45%renter. And the turnover among the renters is insane - they get new people on their floor every few months. A lot are residents at hospitals or the road-warrior consultant class who basically need a nice place to store their crap for a year or two before moving on. Basically, they have little interest and much less invested n the community.

isnt this building separating the condo owners from the renters so that they never share floors?

[jsbrook]

Originally Posted by cardeza

isnt this building separating the condo owners from the renters so that they never share floors?

Yes. To Londonee's main point, the renters may not be as invested in the neighborhood as owners. But I think the price points are high enough that they won't be behaving in ways that compromise quality of life. Also, the building owner of the apartment portion -- Southern Land -- can be a good and well-heeled citizen that helps with park maintenance, etc...This is not like a lot of duplexes carved up and rented out by different small time owners/non-developers.

[rb233541]

Would a Whole Foods fall in the camp of "game changer"? I mean, any grocery store would be a boon to the neighborhood. A quick google tells me the average WF store size is about 40,000 sq ft. It might also explain the increased parking related to retail--people need a car to transport groceries more than the locals who would likely make up the bulk of customers would need a car to get to and from an Equinox to work out.

[jsbrook]

Originally Posted by rb233541

Would a Whole Foods fall in the camp of "game changer"? I mean, any grocery store would be a boon to the neighborhood. A quick google tells me the average WF store size is about 40,000 sq ft. It might also explain the increased parking related to retail--people need a car to transport groceries more than the locals who would likely make up the bulk of customers would need a car to get to and from an Equinox to work out.

Good thinking. Closest thing to "game changing" I can think of aside from a higher end department store, and the place is probably too small for that, unless they roll out a "lite" version. I also feel a Whole Foods would definitely be used heavily by residents in this building, the Harper, and the surrounding area.

[Parkway]

Originally Posted by jsbrook

Good thinking. Closest thing to "game changing" I can think of aside from a higher end department store, and the place is probably too small for that, unless they roll out a "lite" version. I also feel a Whole Foods would definitely be used heavily by residents in this building, the Harper, and the surrounding area.

Don't get me wrong I like supporting local businesses but this would probably put the Rittenhouse Market out of business. That in turn would free up that underused parcel for something more than a one story grocery store.

[Redddog]

Originally Posted by rb233541

Would a Whole Foods fall in the camp of "game changer"? I mean, any grocery store would be a boon to the neighborhood. A quick google tells me the average WF store size is about 40,000 sq ft. It might also explain the increased parking related to retail--people need a car to transport groceries more than the locals who would likely make up the bulk of customers would need a car to get to and from an Equinox to work out.

Whole Foods would be great but I have a feeling the uppity Rittenhouse crowd might have issue with that....