Tuesday, August 20, 2013

Main Line is abloom with apartments

by Joseph N. DiStefano

Who's going to live in all those new Main Line apartments? Hospital workers, college students - and Philadelphia residents who want to enroll their children in Lower Merion public schools, says Steven Rock, senior vice president at New York-based Marcus & Millichap Capital Corp. Rock has arranged $23.5 million in financing for Cross Properties (that's David Blumenfeld and Kevin Michals) to build 132 apartments, plus medical offices, at the former Baptist seminary on Lancaster Avenue near Lankenau Hospital. That's one of several apartment projects picking up planning, zoning, and financing approvals in Lower Merion. MORE COVERAGE In Philly, 1,000 new apartments coming soon Schuylkill tower draws neighbors' ire There are also Merloc Partners' plan to build 250 apartments near the Wynnewood SEPTA station; Carl Dranoff's Ardmore Place (121 units); Nolen Properties' Righters Ferry Road project (284 units); and, on the Schuylkill, the former Connelly Container Corp. and Pencoyd Iron Works (580 units), by developer Brian O'Neill. Some other projects are still under wraps. Apartments would also fit at St. Charles Borromeo Seminary, east of Lancaster Avenue, says Robert Duncan, township director of planning and building. Overall, "the banks are ready, and they're all coming together," he told me. Supporters hope these apartments will deliver more shoppers to Ardmore, and more workers for aging offices owned by landlords like redeveloper William Glazer's Keystone Property Group.
Full story: http://tinyurl.com/k8nmcc7


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