Friday, April 17, 2015

Kennett Square Developing Apartments

Natalie Kostelni Reporter- Philadelphia Business Journal

StanAb Real Estate Development Co. is proposing to invest an estimated $50 million to construct two apartment projects in Kennett Square, Pa.

While Kennett Square is better known for its rural setting and rolling hills, the developer is making a bet that there’s pent up demand for multifamily units.

“We had a market study done and while multifamily is booming in many areas around Philadelphia, Kennett is underserved,” said Tony Stancato of StanAb of West Chester, Pa. “There hasn’t been a new project within nine miles of Kennett but for the Victory Bewing project, in forever. We think Kennett Square is prime.”

Victory Brewing Co. is opening a new restaurant at 650 W. Cypress St. this month.
Stancato also points to the companies that make Kennett Square their base like as Genesis Health Care, Chatham Financial and Exelon Energy. They have employees who rent in West Chester but many of them would rather live closer to where they work.

One of the projects StanAb is looking to do is on a block bound by State Street, Washington Street, Bernard Alley and South Mill Street in the borough of Kennett Square. It had been the site of Kennett Motors and Kennett Transmissions.

The developer is seeking to construct a four-story building with 175 apartments that will have 8,700 square feet of ground-floor retail space that would have a craft brew pub. The project would have what Stancato referred to as a Piazza akin to the one Bart Blatstein developed in Northern Liberties but on a much smaller scale. It would have a pool deck, an outdoor theater and dining areas. The development would be called the Lofts.

The other project is on 14 acres of undeveloped land in Kennett Township that is next to the Exelon operations and not far from Anson B. Nixon Park. The land is off of Millers Hill Road.
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