Monday, June 6, 2022

Tennessee-Based Southern Land Co. Breaks Ground on Multifamily Project in Center City Philadelphia

 By Michelle Stockner CoStar Research

Southern Land Co. has started construction on its new 27-story multifamily development at 1620 Sansom St. in Center City Philadelphia.

The Nashville, Tennessee-based developer's latest Philadelphia project is set to include 254 luxury rental units, including multiple penthouses with private terraces. Southern Land Co. purchased the site for the development project, which was previously home to an aging parking garage, in December 2020 for $24.5 million, according to CoStar data.

The 320-foot tower will include 5,000 square feet of ground-floor restaurant space and 17,000 square feet of space on the second floor ideal for another restaurant or a health and wellness facility. Its amenities will include a club lounge, sky lounge with an outdoor rooftop pool, a fitness center with a yoga room, coworking space and resident storage. A unique feature of the building is its intentional five-foot set-back from the property line, which will widen the sidewalk along Sansom Street

Southern Land Co. utilized Philadelphia's Mixed-Income Housing Bonus program to incorporate an additional 75,000 square feet of residential space in the project, resulting in a $2 million payment to the Philadelphia Housing Trust Fund.

The 1620 Sansom St. project is set to be completed in winter 2023.

This is Southern Land Co.'s latest development project in Center City, following its under-construction, 48-story luxury condominium and apartment high-rise tower, The Laurel Rittenhouse Square, at 1911 Walnut St. That project is expected to welcome its first residents in fall 2022. The developer's first project in Philadelphia was a 28-story apartment tower at 3601 Market St., which was completed in summer 2015.

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