Southern Land Co. has closed on buying 1620 Sansom St. in the Rittenhouse Square neighborhood of Philadelphia for $24.5 million, clearing the way for the real estate company’s next project.
An entity affiliated with Bridge Funding of New York and Ravi Chawla, a Philadelphia real estate investor, sold the property that runs from 1608-1634 Sansom St. Ken Wellar of Rittenhouse Realty Advisors arranged the transaction.
The site totals 18,816 square feet and a garage with some retail space sits on the property. It last traded in November 2004 for $6.7 million, according to Philadelphia property records.
Nashville, Tennessee-based Southern Land has approvals for a proposed $200 million, 28-story tower on the site that will have 308 apartments, 32,000 square feet of commercial space and a parking garage. Demolition of the garage is expected this spring with construction to begin by the fall, said Brian Emmons of Southern Land. The development’s completion is projected for 2023.
Southern Land has another project underway on Rittenhouse Square. In 2015, it paid $30 million for a 14,280-square-foot site at 1911 Walnut St. and embarked on the Laurel. The $300 million development will have a mix of condominiums and apartments and 43,000 square feet of retail space.
A 9,000-square-foot penthouse in the project is being marketed for $25 million.
*Article Courtesy of Philadelphia Business Journal
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