Amid Housing Struggles, Center City Real Estate Sells for $4 million a floor.

I came across this mind blowing article in The Bulletin newspaper about a new high-end real estate project on Rittenhouse Square. One thing that is particularly surprising is 300 people showed up for the unveiling including Dwight Evans, Chaka Fattah, Lynne Abraham, and Michael Nutter. What a strage array of folks for the opening of a condo building. What kind of interests are really involved here? Where is the money coming from? As one of the new purchasers quoted in the article "The general rules don't apply in this case". Fascinating! What better reminder could there be that there are two Philadelphias? The developer also said that he faced no obstacles in doing the project, and that "keeping the market moving forward was a high priority". There really are two completely and totally separate realities for the haves and the have nots. Clearly, our political leaders of all stripes know this and they accept it.

New Rittenhouse Condos The Latest In Upscale Living
By Jenny DeHuff, The Bulletin
09/22/2008

Philadelphia - For many suburban empty nesters, the new condominiums at 1706 Rittenhouse Square could be ideal for spending their golden years.

More than 300 Philadelphians, including dignitaries like Mayor Michael A. Nutter, District Attorney Lynne Abraham, U.S. Rep. Chaka Fattah, D-2nd, of Philadelphia, State Rep. Dwight Evans, D-203rd, of Philadelphia, city council members and former mayors were in attendance at the unveiling of the latest of Rittenhouse Square's latest in luxury living, at The Rittenhouse Hotel Friday.

Currently under construction, but slated for occupancy by Spring 2010, the upscale high rise will house 31 residences in a 31-story building. The condos will maintain oversized windows, expansive terraces, customized floor plans and an unobstructed panoramic view of the city skyline.

Starting at $4 million a floor, developers say the building is already 40 percent sold.

For Joseph and Marie Field of Bala Cynwyd, moving to the Center City tower was a simple choice, from maintaining acres in the suburbs.

"We were among the first to sign up," Mr. Field said, citing amenities like the location of the building, the swimming pool and the ability to customize the interior to their liking.

But some may be puzzled at the number of residences already purchased, in the midst of an economic recession where the housing market is highly volatile.

"This is a very unique situation," Mrs. Field said. "It appeals to some of us who can afford it, for a relatively small market. The general rules don't apply in this case."
Among the most revolutionary features of 1706 Rittenhouse, it boasts the region's first high-tech, fully automated, underground parking system.

According to Parkway Corporation, the designers of the system, residents will be issued an ID card, where they can access their vehicles while mitigating the need for a street-level parking garage or valet. With the swipe of the card, the car will be identified, mechanically moved and parked underground, without anyone ever touching the vehicle. Similarly, when the car is retrieved, it will be facing the proper direction for the driver to get behind the wheel and drive right out.

Tom Scannapieco is the developer of the project. Having to work within a relatively small corner block, Mr. Scannapieco said the challenge was to create an elegant space, with windows on all sides.

"This is a once in a lifetime location," he said. When asked about whatever difficulties he experienced when contracting work for the high rise, Mr. Scannapieco said he faced almost no challenges at all, and the push to keep the market moving forward was a high priority.

"Business must continue and make what needs to happen, happen," he said. "The project is in the best position because the [owners] have less concern and more certainty about their future."

While he admitted the project has been successfully financed amid a difficult financial market, 1706 Rittenhouse is in the top five percent of projects in the country being fully financed.

Architect David Ertz of the Cope Linder architectural firm has worked on projects like the Borgata in Atlantic City. The entrance and common areas of 1706 Rittenhouse are also being designed by the local firm Daroff Design, which also did work on the Comcast Center.

"It supposed to appeal to a professional crowd, who have children out of the house and can enjoy the amenities, but also simplify their lives," he said. "It really is a lifestyle choice that allows people to live comfortably in the city."

Other attractions include a state-of-the-art fitness center with whirlpool, steam sauna and 40-ft. lap pool. Private elevators will open to each individual unit, and a 24-hour, seven-day a week concierge will be on site, in addition to a doorman and porter.

Jenny DeHuff can be reached at jdehuff@thebulletin.us