Southern Land Company Completes Sale of 3601 Market and Focuses on New Philadelphia Project
Southern Land Company, with its project partner Redwood Capital Investments, has sold 3601 Market, the Class A++ luxury high-rise it developed in Philadelphia, PA. The property was purchased by FPA Core Plus Fund IV, an investment vehicle managed by FPA Multifamily, LLC. The deal closed on Monday, July 23, 2018.
The 28-story project officially opened in September of 2015, delivering 363 upscale apartments and penthouses, a wide range of amenities such as a rooftop heated saltwater pool, as well as 13,600 SF of restaurant and retail space. It has been heralded as a key milestone for Philadelphia’s University City Science Center, acting as a catalyst to transform the dynamic Greater Philadelphia technology hub into a 24/7 innovation community.
“As Southern Land Company’s first high-rise development, we’re proud of the legacy we have established with 3601 Market,” said Tim Downey, Southern Land Company CEO. “The project resonated with the market, setting a new standard for design and livability in one of the most dynamic neighborhoods in Philadelphia. We designed and built it to thrive for decades to come, and we have full confidence it will continue to do just that under the new ownership.”
A full-service development company, SLC was fully involved in all stages of the project’s lifecycle from land acquisition to development through leasing and property management. This included leading the way to earn the prestigious LEED® Silver Certification in 2016 by focusing on incorporating energy efficient products and materials into the building structure as well as reducing energy and water consumption.
Up next for SLC in Philadelphia is The Laurel. Named for the Pennsylvania state flower, The Laurel is located on the last undeveloped parcel on Rittenhouse Square. SLC seeks to top itself by taking luxury living in the market to new heights. At 48 stories, The Laurel will be the tallest residential-only building in Philadelphia.
Designed by Solomon Cordwell Buenz, the ultra-luxury mixed use tower will include 54 condominiums in addition to long- and short-term residences with separate lobbies and entrances. The Laurel will also feature 24,000 square feet of high-end retail that wraps around Walnut, Sansom, and 20th Streets. The tower features expansive corner residences, offering unparalleled panoramic views of the City and the eponymous park.
The sales center is currently open at 1845 Walnut Street, with the groundbreaking slated for 2019.