Posted Apr 25, 2017, 1:15 PM
|
|
Registered User
|
|
Join Date: Jul 2014
Posts: 770
|
|
Kimco proposes an apartment complex at Suburban Square
http://www.bizjournals.com/philadelp...-suburban.html
Quote:
Kimco Realty Corp. has proposed constructing an apartment complex as an addition to Suburban Square, one of its premier retail properties along the Main Line.
The five-story project with a partial sixth story would front Coulter Avenue and sit across from the Ardmore Farmers Market, according to preliminary sketch plans filed with the Lower Merion planning department. As proposed, the project would have 158 apartments and 19,300 square feet of street-level retail space. Underground as well as above ground parking would provide 264 parking spaces.
The project would sit on a total of 73,811 square feet, or roughly two acres, that would be created from razing five properties Kimco (NYSE:KIM) owns along Coulter Avenue as well as a portion of another adjacent building it owns.
The preliminary site plans will go before the planning commission next week and it is the beginning of an approval process that could take any where from six to 12 months or possibly longer. No variances or zoning changes would be required for the proposed project to move forward.
“It is a permitted use,” said Andrea Campisi, senior planner at Lower Merion.
The New Hyde Park, N.Y., real estate investment trust has been methodically assembling properties around the life style center for future expansion. Not too long ago it paid $6.8 million for two properties along Coulter Avenue. It bought 127 Coulter Ave., which it paid $3 million, and 119 Coulter Ave., which it paid $3.75 million, according to Montgomery County property records. In 2015, it paid $1.93 million for 125 Coulter Ave.
Kimco already has a project underway at Suburban Square. It is constructing a parking garage as well as an addition to an existing store.
That the company, which has focused on retail properties and buying shopping centers, is delving into multifamily is a relatively new direction. Kimco has indicated in statements and other public documents that future developments will involve “live, work, play” environments with residential or hotel components. In March 2016, it hired a new director of multifamily development for the mid-Atlantic region.
Locally, it has already started to make its mark on that front. Earlier this year, it paid $10 million to buy a 90 percent ownership interest in Lincoln Square, a $160 million mixed-use development at Broad and Washington streets in Philadelphia.
That project, initially spearheaded by Alterra Property Group, has 322 residential units and 100,000 square feet of retail space of which around 80 percent is pre-leased, according to Kimco documents. It will be anchored by a 36,000-square-foot Target store, a 32,000-square-foot specialty grocer believed to be Sprouts Farmers Market, a 16,000-square-foot PetSmart and Starbucks.
|
|
Prev
Linear Mode
