By Ryan Mulligan – Reporter, Philadelphia Business Journal
A long-vacant 25.5-acre plot of land in Delaware County approved for 165,000 square feet of retail space is trading hands with the new owners planning to move ahead with developing the site.
Moorestown, New Jersey-based Retail Sites is under agreement to acquire the parcel at the corner of Route 202 and Ridge Road near the borders of Glen Mills and Chadds Ford. Retail Sites is acquiring the parcel from Newport, Delaware-based real estate developer Pettinaro Co.
Retail Sites plans to spend a total of between $50 million to $70 million to build out what will be called the the Shoppes at Concord, according to President Robert Hill.
He declined to disclose the sale price, noting the acquisition has not yet closed.
In 2018, Pettinaro received approvals from Concord Township for a shopping center on the property, but never moved forward with development. The approved plans include a large anchor space of nearly 60,000 square feet, along with adjacent retails spaces of 24,600 square feet, 20,750 square feet and 13,500 square feet. Plans also call for six separate standalone structures spanning 5,000 square feet to 11,700 square feet that can have drive-through areas.
Hill said Retail Sites will try to develop the site as closely to the approved parameters as possible, nothing there will be some alterations based on the tenants.
Retail Sites will also conduct "a large amount of improvements" to the roads bordering the shopping center to ease access in and out. That could cost about $4 million, Hill said. Improvements will include widening Ridge Road, which is now two lanes, and adding three turning lanes going north. Another left turn lane will also be added to Route 202 going east.
The widening of the roads was a subject of pushback from residents in 2017 when another iteration of the shopping center was proposed, according to the Delaware County Times. The newspaper reported that Pettinaro originally received land development approval in October 2008 for the site.
Hill said he often drove by the parcel and long had interest in it, but it was never on the market. Initial talks between Pettinaro and Retail Sites began last summer, though Pettinaro wasn't ready to sell. When Retail Sites had some potential tenants express interest in the area, Hill said negotiations heated up.
A summer 2025 target has been set to be under construction for the Shoppes at Concord. Development and buildout is expected to take another 12 to 18 months, according to Hill.
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