Philadelphia Rittenhouse Developer, L.P. voluntarily filed for chapter 11 protection yesterday in the Eastern District of Pennsylvania bankruptcy court. The company is a joint venture between ARC Properties, Inc., based in Clifton, New Jersey, and Philadelphia-based Wheeler Brothers Holdings, LLC. The company was formed to develop 10 Rittenhouse Square, a 33-story condominium building in Philadelphia. The building, which was designed by Robert A.M. Stern Architects and built by Turner Construction, welcomed its first residents in October 2009 and features amenities such as a chauffeur-driven 2010 Mercedes-Benz S550, according to the development’s marketing website. The building includes “some of the largest penthouses in Philadelphia” which were expected to sell for as much as $15 million each, according to one news report. For less well-heeled buyers, one-bedroom condominiums start at $600,000.
Update: Philadelphia Rittenhouse Developer has now filed all of its schedules of assets and liabilities, as well as its statement of financial affairs. These documents provide more detail on the company’s finances and balance sheet. In addition, its secured lender has asked the bankruptcy court to dismiss the bankruptcy case, asserting that it was filed in bad faith. Read more in our newest blog post about this case: http://blog.ch11cases.com/2011/02/philadelphia-rittenhouse-developer-lp.html#axzz1DJjgLLCq