Village At Valley Forge's Last, 'Best' Vacant Lot Goes Up For Sale
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One of the most significant developments in the Philly suburbs is one step closer to completion.
Realen Properties has put a 3.2-acre site of vacant land within the Village at Valley Forge in King of Prussia up for sale, the Philadelphia Business Journal reports. Realen is the master developer of the 126-acre community that includes the King of Prussia Town Center retail complex, medical office buildings, multiple planned hotels and 2,900 residential units.
Most of those developments have been carried out by other companies to whom Realen sold land, such as it did with The JBG Cos. to develop the King of Prussia Town Center. JBG later sold the property, ahead of a merger with Vornado, to CBRE Global Investors.
That would be the plan for the latest parcel, which is being marketed by JLL with the name One Market Street, the PBJ reports.
The plot up for sale fronts North Gulph Road, one of King of Prussia's main corridors, just across from the entrance to the Philadelphia Turnpike and the Schuylkill Expressway. Its placement near commuter routes and walking distance from the vibrant town center is part of why Realen's Dennis Maloomian told the PBJ, "It's our best site."
The zoning for the land would allow for a building up to 250 feet tall and up to 300K SF large, suitable for multifamily, hotel, commercial or medical uses, according to the PBJ. The most recent land sales at the Village at Valley Forge have been valued at around $10M per acre.
Though One Market Street would be the last land Realen Properties sells in the project, development is far from complete. A medical office building for Children's Hospital of Philadelphia and more apartments are still on the way, the PBJ reports.