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National   /   February 9, 2021

Paul Bubny
By: Paul Bubny

Prime Redevelopment Site Trades in Center City Philly

Rittenhouse Realty Advisors closed the $24.5-million sale of a prime redevelopment site located in the Rittenhouse Square neighborhood in Philadelphia. Buyer Southern Land Company plans to turn the site at 1620 Sansom St. into a new mixed-use development.

The buyer is planning a $180-million, 28-story residential rental building on the site, which is zoned CMX5, thereby allowing mixed-use development in Center City. It will include 306 units, 32,000 rentable square footage of commercial space and a parking garage with ground-floor retail. The buyer is also currently building The Laurel, a luxury residence building at 1911 Walnut St., a few blocks away.

“Considering the location and the CMX5 zoning, 1620 Sansom St. is one of the best and one of the last great parcels in Rittenhouse Square,” said Rittenhouse managing partner Ken Wellar, who brokered the sale alongside managing partner Corey Lonberger and director Mark Duszak. 

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About the Author

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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