RRA SELLS CMX-5 REDEVELOPMENT SITE APPROVED FOR 306 UNITS IN CENTER CITY, PHILADELPHIA FOR $24,500,000
PHILADELPHIA, PA–(1/18/21) – Rittenhouse Realty Advisors, a commercial real estate sales brokerage firm, is pleased to announce the sale of 1620 Sansom Street, a prime redevelopment site located in the Rittenhouse Square neighborhood in Philadelphia.
The property was purchased by Southern Land Company, a national real estate development company, which is currently under construction on The Laurel, a highly anticipated luxury residence building at 1911 Walnut Street, just a few blocks away. The company plans a 28-story building, comprised of 306 residential units, 32,000 RSF of commercial space, as well as parking for the site, which is currently a parking garage with ground floor retail.
“Considering the location and the CMX5 zoning, 1620 Sansom Street is one of the best and one of the last great parcels in Rittenhouse Square,” noted RRA Managing Partner Ken Wellar, who led the charge on brokering this sale. “Even with the obstacles created by the COVID-19 pandemic, our team at RRA was able to close the sale of the largest apartment development site in Center City.”
Corey Lonberger, Managing Partner, commented on the marketing process, stating: “We received an enormous amount of interest on this parcel from buyers throughout the country, given the unique location and attractive zoning.”
Mark Duszak, Director at RRA, added: “This iconic location will soon be home to one of the most exciting and luxurious apartment residences in Philadelphia.”