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BET Investments has officially started construction on the second of its Promenade mixed-use developments in the Philadelphia suburbs.
The developer broke ground on The Promenade at Upper Dublin on Aug. 13, kicking off the $200M mixed-use development with apartments sitting on top of grocery-anchored retail. The residential portion will include 402 units ranging from 553 SF to 2,529 SF and the retail portion will total 128K SF, the Philadelphia Business Journal reports.
BET Investments Chairman Bruce Toll told Bisnow in April that he expects residential rents at the Promenade to set the top of the market for Montgomery County when the project is finished, which is estimated for 2020. Unlike the Promenade at Granite Run, which is a redevelopment of the Granite Run Mall where the retail will be in separate buildings from the apartments, the Promenade at Upper Dublin will be a more dense, ground-up development.
The increased interdependence of retail and multifamily in the suburbs is becoming more pronounced. BET President Michael Markman said at Bisnow's Big Philly Retail event in November that the retail portion of Upper Dublin will be a key factor in attracting potential apartment tenants. Metro Commercial Real Estate has been selected as the broker for the retail portion of the development.
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