Rittenhouse Realty Advisors sells CMX-5 redevelopment site in Philadelphia for $24.5 million

Philadelphia, PA Rittenhouse Realty Advisors, a commercial real estate sales brokerage firm, completed the $24.5 million sale of a prime redevelopment site located in the Rittenhouse Square neighborhood that the buyer plans to turn into a new mixed-use development.

The property at 1620 Sansom St., was purchased by Southern Land Co., a national real estate development company, which plans to build a $180 million, 28-story residential rental building on the site comprised of 306 units, 32,000 rentable s/f of commercial space and a parking garage with ground floor retail.

The buyer is also currently building The Laurel, a residence building at 1911 Walnut St., just a few blocks away from the development site which is located in a CMX-5 district that accommodates mixed-use development in the central core area of Center City.

“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,” said Rittenhouse Realty Advisors managing partner Ken Wellar, who along with managing partner Corey Lonberger and director Mark Duszak brokered the 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.”

“We received an enormous amount of interest on this parcel from buyers throughout the country, given the unique location and attractive zoning,” said Lonberger.

“This iconic location will soon be home to one of the most exciting and luxurious apartment residences in Philadelphia,” Duszak said.