Friday, September 14, 2012

Bucks apartments to rise on ex-office site

In the latest sign the suburban office market is dead, BPG Properties' Madison Apartment Group division plans to break ground Wednesday on 232 "luxury one and two bedroom apartments," to be called Madison New Britain, 1500 Manor Drive, Chalfont, Bucks County.

The property was previously marketed as the New Britain Corporate Center in hopes of attracting office tenants. BPG, led by Dan DiLella, recently had the land rezoned for apartments, given weak suburban office demand and the fact that home purchases have dried up, leaving more tenants in search of rental homes. 

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