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  #2001  
Old Posted Feb 6, 2019, 4:04 PM
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Urbanthusiat Urbanthusiat is offline
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Well that sounds extremely promising. Someone there must have read that we were expressing doubt and they decided to put out a statement

Quote:
Rittenhouse’s newest luxury apartment tower, the Laurel, has sold a quarter of its units

Rittenhouse Square’s long-anticipated luxury tower, The Laurel is plugging along ahead of schedule, and just sold 25 percent of its condos.

The 48-story building, which only broke ground last fall, is on track to hit its anticipated 2021 end date for construction, according to a statement from Southern Land Company, the developers behind the building. They expect to start laying the foundation on the building next month and delivering apartments in two years.

Last edited by Urbanthusiat; Feb 6, 2019 at 4:22 PM.
     
     
  #2002  
Old Posted Feb 6, 2019, 4:20 PM
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Finally!
     
     
  #2003  
Old Posted Feb 6, 2019, 9:13 PM
ironhead401 ironhead401 is offline
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Quote:
Originally Posted by iheartphilly View Post
Nice...thanks for the heads up. AmQuip crane?
yes Amquip Crane
     
     
  #2004  
Old Posted Feb 6, 2019, 10:58 PM
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Originally Posted by ironhead401 View Post
yes Amquip Crane
cool...thanks for confirming.
     
     
  #2005  
Old Posted Feb 7, 2019, 12:17 AM
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Quote:
Rittenhouse’s newest luxury apartment tower, the Laurel, has sold a quarter of its units

Rittenhouse Square’s long-anticipated luxury tower, The Laurel is plugging along ahead of schedule, and just sold 25 percent of its condos.

The 48-story building, which only broke ground last fall, is on track to hit its anticipated 2021 end date for construction, according to a statement from Southern Land Company, the developers behind the building. They expect to start laying the foundation on the building next month and delivering apartments in two years.
Wow it's only taking half a year after groundbreaking to start site prep work? Slow down there. But glad it's actually getting built.
     
     
  #2006  
Old Posted Feb 7, 2019, 12:36 AM
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Originally Posted by crackpinky View Post
Wow it's only taking half a year after groundbreaking to start site prep work? Slow down there. But glad it's actually getting built.
It's been 5 months since the ceremonial groundbreaking. September 2018. Still, I don't believe for a second that construction will be completed in 2 years from the time they actually break ground.
     
     
  #2007  
Old Posted Feb 7, 2019, 1:30 AM
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to be fair they were doing alot of preliminary work on Moravian Street.

I saw them installing new water mains, new hydrant and looked like some utility work.
     
     
  #2008  
Old Posted Feb 7, 2019, 1:13 PM
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Quote:
Originally Posted by jsbrook View Post
It's been 5 months since the ceremonial groundbreaking. September 2018. Still, I don't believe for a second that construction will be completed in 2 years from the time they actually break ground.
agreed, but developers are usually overly optimistic in these releases. It will take 6 months just to get the underground work done and be at grade level. It probably took a year at the W hotel
     
     
  #2009  
Old Posted Feb 7, 2019, 1:38 PM
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Originally Posted by cardeza View Post
agreed, but developers are usually overly optimistic in these releases. It will take 6 months just to get the underground work done and be at grade level. It probably took a year at the W hotel
Funny thing is, at the time of the groundbreaking, Southern Land said that because pre-sales were going so swimmingly that their financing allowed them to start much earlier than originally planned.

This wasn’t supposed to have happened until next spring. But Brian Emmons, Southern Land’s development manager in Philadelphia, said that strong pre-sales of condos enabled the company to meet the capital requirements to start work well ahead of the planned spring groundbreaking.

Read more at https://www.phillymag.com/property/2...Zu8yOzsyUg5.99
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  #2010  
Old Posted Feb 7, 2019, 11:30 PM
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Come on, do people really expect the developer to be honest and forthcoming about what is or isn't selling, and what might be happening to the construction schedule? They want to keep a VERY positive face on to the public, it's in their best interest to do whatever they can to make this project look clean and shinny.

And I don't have any reason to think that it's not. Who knows? I imagine getting everything done that's needed before construction can start is just as hard as actually doing the construction. One can't just go to the local bank and get a $150M loan!

I am very glad to see a pretty good building going up on this site that has seemed cursed for many years.
     
     
  #2011  
Old Posted Feb 7, 2019, 11:39 PM
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Quote:
Originally Posted by City Wide View Post
Come on, do people really expect the developer to be honest and forthcoming about what is or isn't selling, and what might be happening to the construction schedule? They want to keep a VERY positive face on to the public, it's in their best interest to do whatever they can to make this project look clean and shinny.

And I don't have any reason to think that it's not. Who knows? I imagine getting everything done that's needed before construction can start is just as hard as actually doing the construction. One can't just go to the local bank and get a $150M loan!

I am very glad to see a pretty good building going up on this site that has seemed cursed for many years.
A big part of the delay may have been due to PWD replacing at least a sewer line along the block of Moravian that cuts right through the site. That was ongoing for at least a couple months.
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  #2012  
Old Posted Feb 8, 2019, 2:42 PM
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Groundbreaking is just a ceremonial event. I have been involved in projects where utility work can take many months prior to actual work happening onsite. Utility work can even take place a few blocks away from a site.


There is much more to construction than what one physically sees onsite.
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  #2013  
Old Posted Feb 8, 2019, 4:08 PM
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Quote:
Originally Posted by City Wide View Post
Come on, do people really expect the developer to be honest and forthcoming about what is or isn't selling, and what might be happening to the construction schedule? They want to keep a VERY positive face on to the public, it's in their best interest to do whatever they can to make this project look clean and shinny.
But that's just the thing, isn't it? How does it look to the public to hold a very public ground breaking ceremony 5 months (and counting) before any actual physical construction occurs? Even if work is occurring outside the public eye, the appearance to the casual observer is that they had this big public ceremony and then nothing for months.

I'm not concerned about this project not happening, mind you. I just find it odd, from a public perception point of view.
     
     
  #2014  
Old Posted Feb 8, 2019, 8:31 PM
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Quote:
Originally Posted by McBane View Post
But that's just the thing, isn't it? How does it look to the public to hold a very public ground breaking ceremony 5 months (and counting) before any actual physical construction occurs? Even if work is occurring outside the public eye, the appearance to the casual observer is that they had this big public ceremony and then nothing for months.

I'm not concerned about this project not happening, mind you. I just find it odd, from a public perception point of view.
Honestly. I mean, just get an excavator in there and dig a freaking hole. Just for optics...
     
     
  #2015  
Old Posted Feb 9, 2019, 2:26 AM
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Originally Posted by Redddog View Post
Honestly. I mean, just get an excavator in there and dig a freaking hole. Just for optics...
Or 50 of us could just show up with shovels on a quiet Sunday morning and start moving some dirt------
     
     
  #2016  
Old Posted Feb 9, 2019, 4:41 AM
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Quote:
Originally Posted by City Wide View Post
Or 50 of us could just show up with shovels on a quiet Sunday morning and start moving some dirt------
Though I'd love to, I'm going to be getting skyline shots tomorrow
     
     
  #2017  
Old Posted Feb 11, 2019, 2:36 PM
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permit issued on 2/5 for underpinning the adjacent structure. So there is some progress.
     
     
  #2018  
Old Posted Feb 12, 2019, 5:19 PM
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From IG, with a link to the Curbed article from last week:

IT'S A GO! The grand finale of luxury living on Rittenhouse Square is coming into view. Groundbreaking is planned for next month as the Laurel has achieved 25% reservations on its expansive corner residences with panoramic views of Center City. See link in bio to read more.
     
     
  #2019  
Old Posted Feb 12, 2019, 7:00 PM
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Groundbreaking Part 2: Electric Boogaloo
     
     
  #2020  
Old Posted Feb 13, 2019, 7:59 PM
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Just more confirmation that this is a go.

Quote:
The Laurel marks early milestones

A little more than four months after breaking ground on the Laurel, Southern Land Co. is already checking off several milestones for the high-end residential project, signaling to the market and prospective buyers that the project is moving right along on time and, in some cases, ahead of schedule.

Construction loan? A $300 million construction is expected to be finalized in mid-March, clearing the way for the project to go vertical on what is the last development parcel on Rittenhouse Square. “Our goal is the day after we sign that we will begin construction,” said Brian Emmons, development manager for Southern Land, in an interview with the Business Journal.

...

Infrastructure? When ground was broken last fall on the project at 1911 Walnut St., the company was able to get all of the utilities installed and other related work in preparation for the project to be built. The foundation is scheduled to get poured this spring.

...

And, lastly, there’s interest in 24,000 square feet of retail space built into the project. While short on details, Emmons promises something big. “We’re negotiating with a tenant who will take the entire space,” Emmons said. “We believe it will be a game changer for the square.”
https://www.bizjournals.com/philadel..._news_headline

Interesting bit about the retail, I believe that's new info. Wonder who could take 24k sqft in Rittenhouse.
     
     
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