Southern Land Co.’s new Philadelphia mixed-use property has topped off at 12 stories. Situated at the southeast corner of 5th and Spring Garden Streets in the Northern Liberties neighborhood. Located near the Center City neighborhood, the project will feature 329 apartments and 14,000 square feet of retail space.
Development began after Southern Land Co. acquired the property at 418 Spring Garden Street in July 2022. The community will include studio and one- and two-bedroom luxury apartment homes. Individual units will offer lighted bathroom mirrors, private balconies and operable windows for natural ventilation, while common-area amenities will include a resort-style pool with cabanas. Sustainability features will include below-grade stormwater retention tanks, green roofs and plantings intended to decrease heat island effects, while also contributing to stormwater management.
The apartment community is expected to welcome first move-ins late next year.
Complex times
“Our capital markets team faced a six-month delay while trying to secure financing for the project, due to capital markets tightening up at the time,” Brian Emmons, Southern Land Co. senior vice president, development, told Multi-Housing News. “[Team members] pushed through and managed to get this project financed during particularly complicated times.”
Other Philadelphia projects from SLC have included a 28-story apartment tower at 3601 Market Street, completed in 2015 and The Laurel Rittenhouse Square, which is Philadelphia’s tallest residential tower, as well as 1909 Rittenhouse, which is expected to open in 2024.
Designed by architect Solomon Cordwell Buenz, the steel-and-concrete-plank 5th and Spring Garden property is being constructed by INTECH Construction, with civil engineering by Stantec. De-Simone is the structural engineer and Bala the mechanical and electrical engineer. Several months ago, a Philadelphia market report found the metropolitan area’s multifamily market returning to long-term historical averages.
