Official: Southern Land Company Closes on Vacant Rittenhouse Lot
Well, it’s official: Southern Land Company has finally closed on the vacant L-shaped parcels at 1907-1913 Walnut Street and 1906-1920 Sansom Street. Details about the sale have not been disclosed, but a press release from Southern Land Company announces “the purchase of the last undeveloped parcel of land on Rittenhouse Square.” Here’s more:
“This is a premier property in one of the most sought after neighborhoods in Philadelphia,” said Tim Downey, CEO of Southern Land Company. “This is a great example of the type of project in which our company excels. In this case the property is in the heart of a desirable area where we plan to invest a great amount of energy and resources, working closely with the city and neighborhood groups.”
The deal was expected to close late last week, eventually being pushed back to today. Irish developers Castleway Properties originally purchased the property in 2007 for $36.7 million and had plans to construct a mixed-use tower on the site that included a boutique hotel component. However, those plans never came to fruition and it’s simply sat vacant, save for the PHS Pop Up Garden hosted on site in 2012.
Now it appears that Southern Land Company will take the helm of the site and will “likely” redevelop it into a “mix of residential and retail,” according to the press release.
Southern Land Company is currently developing 3601 Market Street, a 28-story high rise in University City comprised of 363 apartments and retail space on the ground floor. Jessica Sharp, spokesperson for Southern Land Company, said that the company is”very excited” to do more projects in Philadelphia.
We’ll keep you posted as more detailed emerge.
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