Real Estate Team Unveils Parc Rittenhouse

Jack Kelly's former training site to be reborn as elegant new condominium residence on Rittenhouse S

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. October 14, 2008

PHILADELPHIA, PA, January 23, 2006. Three of Philadelphia's most respected names in real estate have come together to offer a new residential living opportunity on Rittenhouse Square in Center City Philadelphia. Allan Domb and David Marshall, together with Lubert-Adler, announce that the former Sheraton Rittenhouse Hotel and Rittenhouse Regency is now undergoing a conversion into 305 condominium residences.

The Parc Rittenhouse, anchored at its base by a new French bistro restaurant by Stephen Starr and the existing Devon Bar & Grille, will offer a range of studios, one, two, and three bedroom residences as well as penthouses, with prices from $275,000 to $3 million. The building's 125 studios and junior one bedrooms that start at $275,000 could very well be the most competitively priced condominiums on Rittenhouse Square, now or in the future.

"Without question, Rittenhouse Square continues to be Center City's most desirable address, the traditional center of Philadelphia living for more than 200 years," says David Marshall, who in 1989 revitalized the Square when he introduced The Rittenhouse Hotel and Condominium. "The Parc Rittenhouse will extend this tradition of the Square by offering fine and elegant living that will literally bring Rittenhouse Square into the building by way of a landscaped atrium, two additional private rooftop gardens, park-facing Juliette balconies, and terraced penthouses."

The building was built in 1925 as the home of the Penn Athletic Club, where Olympic champion Jack Kelly and the best rowers in Philadelphia trained. Parc Rittenhouse will include an innovative, exquisitely landscaped, seventh-floor pool club with water features, spa, sundeck with cabanas, state-of-the-art fitness center, library/lounge, and media room.

"Our goal is to create a place of singular community and camaraderie that fits with the lifestyle of Rittenhouse Square," says Allan Domb, whose real estate brokerage firm has been synonymous with Center City condominium residences for over 25 years, and who has developed, among others, The Barclay Condominiums, The Lanesborough, and 220 Washington Square. "Residents will dine overlooking the Square at street level in Stephen Starr 's 'Parc,' a French Bistro, or enjoy p^at'e and a baguette in the building's open air, 4,400 sq. ft landscaped atrium, with the ambiance reminiscent of the Square itself."

The bistro, which will front both Locust and 18th Streets, will be accented by oversize windows that open to the sidewalk. On the side of the building facing the Square, Parc Rittenhouse will restore its original art deco facade with stylish Juliette balconies. Renovations to the building include new windows, elevators, HVAC, the pool club, and gardens. Construction is already well underway. First occupancy is scheduled to occur later this year.