HFF

$9 million for 7+ acres in the heart of Paoli – Will buyer build multi-story apartment buildings?

 

Paoli Station aerial view

Station Square aerial view, photo courtesy of HFF

In early 2014, Home Properties, a Philadelphia-based developer proposed a 250+-unit multifamily building with structured parking plan for Station Square, the 7.475 acre commercial site at the corner of Central and North Valley Roads in Paoli, owned by the Palmer Group Properties.  Although the current Town Center District zoning allows for 135 apartments on the property by right, the developer sought approval for greater density.

The proposed 4-story apartment complex was viewed as a radical change for the immediate community and concerns were raised as to whether this high density project was a good fit for the neighborhood. Major issues surrounded the proposed project, including increased traffic, density, height, change to the character of the neighborhood, impact on school district, public safety, etc.  Ultimately, faced with many unanswered questions from the Planning Commission and major pushback from the local residents, the proposed 2014 redevelopment plan quietly disappeared.

Station Square is back in the news – According to the Philadelphia Business Journal, Palmer Group Properties has retained Holliday Fowler (HFF) to sell the 7+ acre land site with four existing multi-tenant office buildings. Marketing the project for apartments, by utilizing the Town Center District Zoning, which allows up to 135 multi-unit housing units by right, the four aging office buildings that exist on the site need to be demolished prior to the development. Current asking price for the Station Square property is $9 million.

Approximately one acre of the Station Square property will be transferred through eminent domain to Amtrak and SEPTA for the proposed $36 million redevelopment of the Paoli Transportation Center and realignment of a bridge over Valley Road.

According to HFF sales literature, the property is being offered as a “strong development opportunity” and that the “Demand for multi-housing remains healthy throughout Greater Philadelphia, however, a scarcity of Class-A transit-oriented development opportunities exist within The Main Line. With a new development opportunity focused around an affluent population and dynamic location, Paoli Station represents a unique investment opportunity.”  HFF states that “the site is ideal for residential development due to its location, accessibility and strong demographic profile.”

Speaking of the Paoli Transportation Center, I have heard no news on that front.  A check of the Tredyffrin Township website, does not indicate any new or updated information but it does state that Phase I (of the three phases), the Station Accessibility Improvements is set to begin in the Summer of 2016. This construction includes a new center high level platform, elevators and ramps, pedestrian overpass, parking lot improvements, ADA improvements to the existing station building and improvements to the existing rail infrastructure. So, if the township website information is correct, that means this time next year we should see forward movement on the train station project.

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