Following up on June 16 post, Cowboy Tattoo Ranch no more . . . Paoli Town Center Project Coming to Paoli! I have learned a few more details on the Paoli Town Center sale.
Rather than an individual buyer, the E. Lancaster Ave. block of buildings was purchased by Paoli Town Center, LLC. , a partnership of three local real estate investors. The property owner, Tim Bruni (of Bruni Tailoring) sold the 18,000 sq. ft of properties for $925K to the investors. The lower level is commercial space and the upper floors are currently used as apartments. The property consists of six retail stores, nine residential apartments and two offices. Jacobs Realty Group represented the buyer in the real estate deal and Sam Pilotti of Metric Realty represented the seller. According to the sign on the storefronts, Jacobs Realty is the leasing agent.
Clearly, the new owner is going to spend money to upgrade the property. As I mentioned in the last post of the topic, the plan call for some much-needed face lifting for the group of buildings, including exterior painting and re-stucco and interior renovations to the lower commercial space and the apartments.
The selling price struck me as rather low for a commercial strip across the street from the Paoli train station. In checking around, I saw that the original asking price for 2 -18 E. Lancaster Ave was $2 Million but the selling price was less than half. I wonder if the discounted selling price reflects a ‘sign of the times’ or could it be the perceived parking problems associated with these properties?
The seller’s agent Sam Pilotti and I were on the Paoli Business and Professional Association Board together and he often spoke of the difficulties of finding tenants because of the parking situation. Today, I received the following comment from Sam which underscores the parking problems and suggestions for improvements. Although I agree that parking could be improved – I would maintain that with the right tenants, people would find the needed parking. What do you think, if an upscale bistro or a wine bar took the corner space, would you walk a few blocks? Or, do you think that without additional parking spaces, there could be problems for the new owners?
Here’s Sam Pilotti’s opinion —
Dear Community Matters,
Any upgrading of the façade of this new “Paoli Town Center Project” will certainly be an improvement; however, it will not take care of the real problem which is insufficient parking for the employees and patrons.
The new owners need to convince Tredyffrin Township to purchase a property nearby within walking distance for a municipal parking lot similar to what other towns have done with store fronts close to the highway and apartments on top and lack the parking. They have from Ardmore, Wayne and West Chester built many parking lots to accommodate parking for the retail locations that previously lack parking.
Tredyffrin is one of the only townships that have absolutely no municipal parking. The township needs to be convinced to buy the 2 properties on So. Valley Road that are nearest to this project and then I believe you will have a successful Town Center Project.
(has managed property for the last 25 years)