Military Academy Closure Fuels Residential Redevelopment Dreams: The Philadelphia Deal Sheet
A soon-to-be-shuttered Main Line military school expected to hit the market will present a major opportunity for residential developers in the coveted but land-strapped section of suburban Philadelphia.
The 70-acre Valley Forge Military Academy is slated to close at the end of the academic year. Parcels that make up the campus straddling Delaware and Chester counties have been assessed at nearly $40M, the Philadelphia Business Journal reported.
The Chester County side is zoned for single-family residential and institutional uses, while the Delco portion is earmarked for educational, museum and senior housing purposes. School districts serving both sides of the campus are among the top 10 in Pennsylvania and the top 100 in the nation.
Colliers Executive Managing Director Brian Hilger grew up two blocks away from the academy and spoke about the redevelopment opportunity during Bisnow’s Philadelphia State of the Market event last month.
“It’s probably two to three years away until we get clarity on that, but I think that's going to be an interesting project,” he said.
LEASES
Packaging manufacturer Ecopax has expanded its Lehigh Valley footprint with a 104K SF lease at 1355 Easton Road in Bethlehem. The company already has a 316K SF manufacturing and warehouse facility nearby.
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Western and workwear retailer Boot Barn plans to move this spring into 13K SF at the Viewmont Mall in Scranton, owner PREIT announced.
CONSTRUCTION AND DEVELOPMENT
Woodmont Properties will deliver a Lehigh Valley mixed-use complex next month. The Shops at Valley Square in Lower Macungie Township will include 14K SF of street-level retail and 120 apartments. Retail leasing for the complex at 3370 Route 100 will be handled by a Colliers team including Derek Zerfass and Seth Lacey.
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Velocity Venture Partners has completed the expansion of its industrial building at 1208 Columbus Road in Burlington Township for STI Firestop, which produces flame-resistant urethane construction materials.
The 33K SF addition brings the company’s total space there to about 88K SF. STI’s 10-year lease began after construction was completed.
THIS AND THAT
The New Jersey Housing and Mortgage Finance Agency is auctioning off up to $500M worth of tax credits for workforce and affordable housing construction in the Garden State. The online auction will be open for 30 days starting Oct. 27.
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Scout is soft-launching its reactivation of the former University of the Arts buildings it purchased at Broad and Pine streets, according to a press release.
The Village of Industry & Art, as the project is known, will soon welcome its first tenants, which plan to host a series of events in the space in the coming weeks. That roster includes AIA Philadelphia, BlackStar Projects, Community Design Collaborative, DesignPhiladelphia, Monument Lab and the Stained Glass Project.
