Southern Land Company Expected to Close on Castleway Lot This Week
[UPDATE 2:15 p.m., February 12th]: We’ve just received word from Jessica Sharp, spokesperson for Southern Land Company, that the closing has been pushed back to Tuesday, February 17.
[Original February 10th]:It’s a big week for those of you following the status of the long-vacant lot at 1911 Walnut Street. According to a report in the Philadelphia Business Journal last week, a deal is in place for Nashville-based Southern Land Company to purchase both lots–one fronting Walnut Street and another fronting 20th between Moravian and Sansom streets–from Castleway Properties for a sum between $30–$40 million, based largely upon whether or not the lot can be rezoned.
Jessica Sharp, spokesperson for Southern Land Company, says that those previous reports are “unconfirmed” and that Southern Land Company hasn’t released any current plans. Sharp tells us that the closing was originally scheduled for today, but has since been pushed back to “Thursday or Friday” of this week.
“[Southern Land Company] thinks it’s a great opportunity,” said Sharp about the deal to purchase the lots. She indicated that the lot’s prime location on Rittenhouse Square, proximity to cultural institutions and high end restaurants and overall walkability are major points of focus in the redevelopment process. The deal would mark Southern Land Company’s second bit of business in the city. 3601 Market Street, a mixed-use apartment high rise with ground floor retail, broke ground in February 2014 and is expected to open this spring.
We’ll have to wait and see if Southern Land Company decides to partner with someone in the deal. The previous report stated the developers were looking for a partner to finance “at least 90 percent” of the project. Sharp said that Southern Land Company will work with the local associations and investors to some up with a plan for both parcels.
Calls to Neil Sklaroff, attorney for
Castleway Properties Southern Land Company, went unanswered.
Update 02/11/15: This post has been updated to reflect that Neil Sklaroff is the attorney for Southern Land Company.