February 19, 2015
The sale of the acre lot, located on 1907-1914 Walnut St. and 1906-1920 Sansom St., was for between $30 million and $40 million, the Philadelphia Business Journal reported.
Irish-based company Castleway Properties purchased the lot in 2007 from the Philadelphia Parking Authority for $36.7 million. There were a number of proposed plans for the site — from a gourmet market to a pop-up garden to a hotel with restaurant or retail space — but nothing stuck, the Business Journal reported.
The lot has been undeveloped since the '90s. According to the Business Journal, Southern Land plans on constructing a residential building with retail on the bottom level.
"Philadelphia is a city where we see a great deal of long-term viability for projects," said Tim Downey, CEO of Southern Land, in a statement. "It is a high barrier-to-entry market rich with American history, world-renowned cultural institutions, and top-rated restaurants, all within walking distance of Center City. This project, like all of our projects, is one where we won't just invest in properties, but also the people, lifestyles and communities they inspire. We are thrilled to be a part of Philadelphia."
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