PHILADELPHIA | THE LAUREL @ 1911 Walnut | 604 FT | 48 FLOORS - Page 106

jsbrook · #**2101** Posted **Mar 27, 2019, 10:12 PM**

Quote:

Originally Posted by GtownFriend

I may try to go. I'm really curious if they will actually give any developments of substance and import.

City Wide · #**2102** Posted **Mar 28, 2019, 1:09 PM**

Interesting that the party is at their sales center and not the site of the soon to be "vertical construction". Of course theres more to see at the sales office then the building site. Maybe since they've had groundbreaking already the site is just too muddy to handle visitors! We wish.

Londonee · #**2103** Posted **Mar 28, 2019, 1:57 PM**

Quote:

Originally Posted by jsbrook

I may try to go. I'm really curious if they will actually give any developments of substance and import.

Last week they wrapped the entire property (including along Sansom and 20th street) with new marketing and branding materials along the perimeter fence. A lot of baby-steps.

Redddog · #**2104** Posted **Mar 28, 2019, 2:12 PM**

Quote:

Originally Posted by Londonee

Last week they wrapped the entire property (including along Sansom and 20th street) with new marketing and branding materials along the perimeter fence. A lot of baby-steps.

I saw that. I also saw a guy with a shovel and a yellow vest on the site digging a little hole. By the time I went to take a picture, he had already taken off his vest and gotten in the truck.

Dammit. I coulda been something.

Boku · #**2105** Posted **Apr 1, 2019, 5:31 PM**

This was posted on the city-data Philly forum.

https://www.cmalert.com/search.pl?ARTICLE=182916

Builder Eyes Loan for Philadelphia High-Rise

Quote:

A developer is looking to line up $300 million of construction debt for an upscale residential building in Philadelphia’s tony Rittenhouse Square neighborhood.

Southern Land has begun work on a 289-unit tower, dubbed The Laurel, at 1911 Walnut Street. The Franklin, Tenn., developer and investment shop has tapped Newmark to arrange the financing. The preference is for a five-year loan with a degree of prepayment flexibility.

At 48 stories, The Laurel would be Philadelphia’s tallest residential tower upon completion sometime in 2021. Plans call for 235 apartments and 54 condominiums. The site is the only vacant parcel on the perimeter of Rittenhouse Square, a park six blocks southwest of City Hall. The surrounding neighborhood is known for high-end shops, hotels and restaurants.

Southern Land purchased the land in 2015 for around $40 million and received design approval last spring. When the company broke ground in September, it said that about a quarter of the condos had already been sold. Condo prices start at around $2.5 million. Some apartments will be operated as short-term rentals.

The tower will have separate lobbies and entrances for residents in the different portions of the building. There will also be 45,000 square feet of retail space on the lower floors and an underground garage with 216 spaces.

Among the features listed on the property’s website are: a heated indoor pool and spa, a yoga studio, a fitness center, a lounge with a bar and catering kitchen, a pet spa, a guest rental suite, valet parking and climate-controlled storage space. Upper-floor units will have sweeping views of Center City.

Southern Land has developed one other multi-family project in Philadelphia. In a partnership with Redwood Capital of Chicago, it completed a 363-unit building at 3601 Market Street in 2015 and sold it last July for $139 million. The buyer was FPA Multifamily of San Francisco.

Jawnadelphia · #**2106** Posted **Apr 3, 2019, 6:17 PM**

I guess all the formalities are now over with ... IG page from earlier today:

thelaurelrittenhouse
ITS A GO! The Laurel will begin rising over Rittenhouse Square this month ... Stay tuned for project updates!

https://www.instagram.com/p/BvzY3ErDwOd/

mcgrath618 · #**2107** Posted **Apr 3, 2019, 6:26 PM**

Just saying, this and SLS going up at the same time could be huge for both the market for luxury apartments/condos and for the skyline alike.

iheartphilly · #**2108** Posted **Apr 3, 2019, 6:29 PM**

Quote:

Originally Posted by mcgrath618

Just saying, this and SLS going up at the same time could be huge for both the market for luxury apartments/condos and for the skyline alike.

Wait, Laurel is happening very soon, but SLS is still on the drawing board and nothing is permitted as far as construction goes. Are we missing something?

mcgrath618 · #**2109** Posted **Apr 3, 2019, 7:50 PM**

Quote:

Originally Posted by iheartphilly

Wait, Laurel is happening very soon, but SLS is still on the drawing board and nothing is permitted as far as construction goes. Are we missing something?

There's been a lot of chatter around about SLS starting this year, and they applied for a new permit IIRC.

cardeza · #**2110** Posted **Apr 3, 2019, 8:06 PM**

Quote:

Originally Posted by mcgrath618

There's been a lot of chatter around about SLS starting this year, and they applied for a new permit IIRC.

I didnt realize a building permit was issued in February. Missed that- good sign that it's moving forward.

cardeza · #**2111** Posted **Apr 4, 2019, 4:19 PM**

Quote:

Originally Posted by Jawnadelphia

I guess all the formalities are now over with ... IG page from earlier today:

thelaurelrittenhouse
ITS A GO! The Laurel will begin rising over Rittenhouse Square this month ... Stay tuned for project updates!

https://www.instagram.com/p/BvzY3ErDwOd/

they still dont have any new permits- so I wonder what work they plan to start this month- perhaps the underpinning of the adjacent building. I can't believe the permits weren't submitted months back. Usually that happens around the time of the official "groundbreaking" announcement

Jawnadelphia · #**2112** Posted **Apr 12, 2019, 1:05 PM**

Maybe this was the delay - looks like they made some changes to floor layout, from their IG page:

"thelaurelrittenhouse
Introducing the updated Sky Residence 3 Floorpan, reconfigured to capture even more of the dynamic beauty and grandeur of the residence's northwest views.
Translation: stunning sunsets from heights like no other!"

https://www.instagram.com/p/BwIXjkIDaZO/

Jayfar · #**2113** Posted **Apr 12, 2019, 1:53 PM**

FWIW, there were 3 medium size pieces of earthmoving equipment parked in their front yard when I walked by Wednesday afternoon.

iheartphilly · #**2114** Posted **Apr 12, 2019, 1:55 PM**

^
It will be a good sign if they start the machines and make a hole...lol.

RonnieStevens · #**2115** Posted **Apr 12, 2019, 2:17 PM**

Drove by that block last night and they had a bunch of dump trucks around 20th and they were digging a trench from 20th down Moravian St. Definitely looks like some sort of preliminary activity.

mellon23 · #**2116** Posted **Apr 12, 2019, 4:54 PM**

The work on Moravian St was Comcast installing new underground conduits in anticipation of the Laurel.

iheartphilly · #**2117** Posted **Apr 12, 2019, 5:32 PM**

^
Nice! Underground utilities, including fiber optics, communication wires.

Londonee · #**2118** Posted **Apr 12, 2019, 5:57 PM**

Quote:

Originally Posted by RonnieStevens

Drove by that block last night and they had a bunch of dump trucks around 20th and they were digging a trench from 20th down Moravian St. Definitely looks like some sort of preliminary activity.

Hopefully. I was there 8minutes ago and there's still no significant activity. The parking attendant booth is still there, the usual 1-2 pickup trucks.

cardeza · #**2119** Posted **Apr 12, 2019, 7:45 PM**

They say they will have permit by next week and work will really start.

https://www.phillymag.com/property/2...ruction-start/

Boku · #**2120** Posted **Apr 12, 2019, 8:00 PM**

Quote:

Originally Posted by cardeza

They say they will have permit by next week and work will really start.

https://www.phillymag.com/property/2...ruction-start/

Here's the full article:

Quote:

Southern Land Company was eager to show off how strong demand was for condo units at the Laurel, the eventual tallest residential tower yet built in Philadelphia. So eager were Southern Land officials that they staged a ceremonial groundbreaking last September, six months ahead of the date they had planned to break ground.

Since then, many observers have passed the grassy lot at the northwest corner of Rittenhouse Square and wondered when the dirt was actually going to start flying.

Here’s the latest from Southern Land: It will start flying either next week or the week after, depending on when all the paperwork is complete.

That just happens to be six months after the ceremonial groundbreaking, so the project is actually right on schedule.

Southern Land’s Philadelphia development manager, Brian Emmons, told Philly Mag yesterday that relocation of utilities beneath Moravian Street and administrative and regulatory matters with the Department of Licenses and Inspections accounted for the lag time between ceremonial and actual groundbreaking. Final construction permits should be in hand by the end of next week, he added.

As of now, 25 percent of the 74 condominium units on The Laurel’s upper floors have been pre-sold. The company celebrated this milestone yesterday with a preview event where guests deposited items in a time capsule that will be built into the building’s foundation and opened a century hence.

The 600-foot-tall Laurel remains on track to meet a scheduled 2022 completion date.