The Residences at the Ritz-Carlton is officially open and marks a new life on the site of the fatal One Meridian Plaza blaze.
The $285 million, 48-story tower at 15th and Chestnut streets has 270 condos. The project was developed by the Arden Group of Philadelphia and Gencom Group of Miami, Fla.
The new tower sits on the site where an infamous fire erupted at One Meridian in 1991, killing three firefighters. The hulking remains of what was a 38-story office building weren't taken down until 1998 when litigation that bogged down the property was finally resolved. Another round of litigation between Arden and Mariner Commercial Properties of Ardmore, Pa., which owns an adjacent parcel, also delayed redevelopment. Arden had bought the site in 2000. Litigation between Arden and Mariner came to an end in 2006, allowing Arden to finally move forward with its high-end condo project. Units at the Residences at the Ritz-Carlton run between $550,000 and $12 million.
In other developments:
* A Wachovia Bank building at 2227 S. Broad St. in Philadelphia traded for $4.4 million. The bank has a 20-year ground lease. The seller was a joint venture between Pineville Properties and Pintzuk Brown Realty Group, local developers involved in constructing bank branches throughout the region. The buyer was an undisclosed partnership. The Philadelphia office of Marcus & Millichap arranged the transaction along with Colliers Pinkard of Baltimore.
* A 1,240-square-foot office condo at 621 Swedesford Road in Malvern, Pa., sold for $200,000. The unit was sold by Daniel Rappucci, who was represented by Lieberman Earley & Co., to William R. and Nancy S. Thompson, who were represented by Long & Foster.
* Cohen Fluhr & Gonzalez leased 6,084 square feet in a seven-year deal at 1608 Walnut St. in Philadelphia. PernaFrederick Commercial Real Estate represented the landlord while Cushman & Wakefield represented the tenant.