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.
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.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.