You read it here first when the luxury condo tower The Laurel released promotional pictures of the tony high-rise. The building, which will rise on the last vacant parcel directly on Rittenhouse Square – and, many have opined, the most desirable. The Ritt is already known for being the most well-heeled neighborhood in Philly, but The Laurel will bring with it unprecedented opulence, a standard of living that has yet to be seen elsewhere in the City of Brotherly Love. It has been in the planning and development stages for several years, and now the project has moved on to the next step.
Last Thursday the project officially broke ground. “We’re off to a great start,” said Tim Downey of Southern Land Company, the builders behind The Laurel. “We have a lot of units sold already and we’re in negotiations with and working with folks to purchase units. We’ve been well-received and we’re not worried at all.”
The Laurel will become the tallest all-residential building in Philadelphia when completed. As per Curbed Philadelphia:
Developed by Southern Land Company, the $300 million tower at 1911 Walnut Street will have retail and lobbies to the first two stories. Up through floor 25 will be market-rate rental units, followed by a floor dedicated to amenities on the 26th story—including a pool, fitness area, lounge, deck, sauna, and dog spa. The remaining stories will hold luxury, multi-million-dollar condos.
Southern Land purchased the parcel for $30 million and will spend ten times that building the tower. It’s an investment that’s set to pay off in spades, however, with more than 70 condos ranging from $2.5 million to $25 million for the penthouse. The developers have previously pointed out that there is definitely enough “big money” in Philly to support the project.
It’s expected that The Laurel will be fully completed with residents moved in by fall 2021. The developers are equating Rittenhouse Square with Central Park in Manhattan.