Southern Land Co. has closed on the buying a premier
development site on Rittenhouse Square in Center City.
The sale means that perhaps this high-profile site in one
of Philadelphia's most sought after neighborhoods will finally get developed.
It has been in a state of limbo for years.
The Nashville, Tenn., real estate company bought the
parcel, which is comprised of 1907-1914 Walnut St. and 1906-1920 Sansom St. It
totals an acre. The seller was Castleway Properties and the price was between
$30 million and $40 million though that couldn't be confirmed. The price
depended on a few contingencies.
Southern Land expects to construct a residential project
that will have a retail component but it is still working on its plans.
"Philadelphia is a city where we see a great deal of
long-term viability for projects," said Tim Downey, CEO of Southern Land,
in a statement. "It is a high barrier-to-entry market rich with American history,
world-renowned cultural institutions, and top-rated restaurants, all within
walking distance of Center City. This project, like all of our projects, is one
where we won't just invest in properties, but also the people, lifestyles and
communities they inspire. We are thrilled to be a part of Philadelphia."
Source: Philadelphia
Business Journal
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