PHILADELPHIA | THE LAUREL @ 1911 Walnut | 604 FT | 48 FLOORS - Page 157

PHL10 · #**3121** Posted **May 31, 2022, 12:16 PM**

Sunday:

summersm343 · #**3122** Posted **Jun 12, 2022, 6:21 PM**

Southern Land Company Doubles Down on Rittenhouse Towers

Read/view more here:
https://www.ocfrealty.com/naked-phil...enhouse-towers

Justin7 · #**3123** Posted **Jun 15, 2022, 1:28 PM**

Have we seen this? Three floors is better than two, but much preferred the old design.

McBane · #**3124** Posted **Jun 15, 2022, 2:03 PM**

You mean the base with the yellow-gold brick? I liked that color scheme better for the base. Not a fan of red brick at all and especially in this context whereas the yellow-gold brick was far more interesting. Overall, a very minor quibble of an excellent project.

PHL10 · #**3125** Posted **Jun 23, 2022, 12:06 PM**

Yesterday. Ground floor windows being installed.

TK2001 · #**3126** Posted **Jun 23, 2022, 4:44 PM**

Also the construction elevator has been taken down. They're filling up the missing glass with the lower portion already complete

iheartphilly · #**3127** Posted **Jun 23, 2022, 4:52 PM**

^
The base painted in grey looks rough. IIRC, isn't is suppose to be cladded with a faux stone or something like that according to the renders?

PHLtoNYC · #**3128** Posted **Jun 23, 2022, 6:10 PM**

Quote:

Originally Posted by iheartphilly

^
The base painted in grey looks rough. IIRC, isn't is suppose to be cladded with a faux stone or something like that according to the renders?

That can't be the final look.

Maybe it's some sort of waterproof paint/coating before the cladding gets installed?

mcgrath618 · #**3129** Posted **Jun 23, 2022, 7:01 PM**

Yeah, no chance that's the final look. Too sloppy for a project of this expense.

TK2001 · #**3130** Posted **Jun 23, 2022, 10:41 PM**

The Laurel Rittenhouse by Philly SkyGuy, on Flickr

Mayormccheese · #**3131** Posted **Jun 23, 2022, 11:36 PM**

Quote:

Originally Posted by TK2001

The Laurel Rittenhouse by Philly SkyGuy, on Flickr

That second pic would look soooo much better with another 500 footer instead of that surface lot. You’d even get park views if you build tall enough on that lot. Makes do much sense

reparcsyks · #**3132** Posted **Jun 23, 2022, 11:40 PM**

The surface lot is baffling. How does that exist in 2022 with what could be built on that land?

mja · #**3133** Posted **Jun 25, 2022, 10:23 AM**

Quote:

Originally Posted by reparcsyks

The surface lot is baffling. How does that exist in 2022 with what could be built on that land?

It's only a matter of time. Surface lots and parking garages are an endangered species in Center City.

Mayormccheese · #**3134** Posted **Jun 25, 2022, 1:17 PM**

Quote:

Originally Posted by mja

It's only a matter of time. Surface lots and parking garages are an endangered species in Center City.

No they’re not. Not yet anyway. There are surface lots all over center city in every neighborhood

mja · #**3135** Posted **Jun 26, 2022, 12:42 AM**

Quote:

Originally Posted by Mayormccheese

No they’re not. Not yet anyway. There are surface lots all over center city in every neighborhood

Quote:

Originally Posted by mja

It's only a matter of time. Surface lots and parking garages are an endangered species in Center City.

Center City parking lots and garages are practically falling weekly at this point. The Laurel, Broad & Spring Garden, Broad & Noble, 2222 Market, River Walk, across the street from River Walk, 12th & Sansom, 16th & Sansom, East Market phase 3, SY tower on JFK, etc. That's just off the top of my head under-construction replacing lots / garages right now. There's a whole slew of proposals for CC lots and garages with seemingly more in the pipeline, plus a whole bunch of smaller in-fill stuff on smaller lots.

I've been following this stuff for 20+ years and the pace of development of these parcels is kind of mind-blowing right now.

summersm343 · #**3136** Posted **Jun 30, 2022, 4:41 PM**

Three Center City developments, each with multimillion-dollar condos, vie for same high-end buyers

Quote:

The buyers for these condominiums, which run into the millions of dollars and some in the tens of millions, aren’t worried about rising interest rates though they won’t hesitate to take full advantage of a 10-year tax abatement on their purchase.

The last time Center City had a surge in new condominiums on the market was right before the Great Recession when 10 Rittenhouse, the Residences at Two Liberty, Residences at the Ritz-Carlton and the Murano among other projects were developed. Those four towers alone have a combined 819 units.

There are 199 condominiums among the Laurel, 2100 Hamilton and Arthaus and their sales will again test the depth of the high-end market in Center City as well the extent to which buyers are able to look past some of the quality-of-life issues Philadelphia is trying to combat.

“The market is there and I don’t think it is too much given the state of what is available,” said Lisa Yakulis, a real estate agent with Kurfiss Sotheby's International Realty. Yakulis noted that it would also be some time before additional, newly constructed condominiums would be available, which helps keep the supply in check.

“We’re still seeing people coming from New Jersey and New York and the tax advantages, cost of living and what you can get here is still more and less expensive than New York, Boston and Washington D.C.,” she said.

Southern Land Co. is developing the $406 million Laurel, which has 65 condominiums in a 48-story building at 1911 Walnut St. overlooking Rittenhouse Square. The project also includes 189 apartments. It was designed by Solomon Cordwell Buenz.

About six months ago, it surpassed the half-way mark in units sold with all more than $2 million a piece. Those sales include one of three penthouses in the building. A penthouse on the 48th floor priced at $25 million remains unsold.

“We’re hoping in the next 30 days we’re going to be around 60% sold,” said Brian Emmons of Southern Land. “We had a good fall and a solid spring.”

Every single one of the Laurel’s buyers is from the Philadelphia region including those Philadelphia natives returning to the area and they want to live on Rittenhouse Square. “We’re oceanfront property,” Emmons said.

Pricing on units has gone up three times in the last six month with sales ranging from $1,700 a square foot to more than $2,000 a square foot.

Article behind paywall here:
https://www.bizjournals.com/philadel...or-buyers.html

R5Ryder · #**3137** Posted **Jul 2, 2022, 2:42 PM**

Has there been any testing of the lighting yet? Haven’t noticed anything, but I don’t look at it every night.

Gatorade_Jim · #**3138** Posted **Jul 3, 2022, 12:23 AM**

Really hope they fix that missing facade piece on the right side about halfway up.

TonyTone · #**3139** Posted **Jul 3, 2022, 2:17 AM**

Quote:

Originally Posted by mja

It's only a matter of time. Surface lots and parking garages are an endangered species in Center City.

Quote:

Originally Posted by Mayormccheese

No they’re not. Not yet anyway. There are surface lots all over center city in every neighborhood

If we looked at a map of all surface lots in all of Philly in 1990 and then today we would probably see a big difference.

TK2001 · #**3140** Posted **Jul 3, 2022, 2:45 AM**

Quote:

Originally Posted by R5Ryder

Has there been any testing of the lighting yet? Haven’t noticed anything, but I don’t look at it every night.

I haven't seen any yet. On some of the walls of the crown behind the glass, I can still see the yellow unfinished walls we saw in December. I hope to see the lights by fall