Developer Eli Kahn has snagged the former Waterloo Gardens property on Lancaster Avenue in Devon, Pa.
The property was sold by LeBoutillier family-related entities that are separate from the Waterloo Gardens business. The LeBoutilliers operated Waterloo Gardens at the site at 136 W. Lancaster Ave. beginning in 1942 and it became a venerable part of the Main Line. The nursery and garden center closed its doors last July, relocated it operations to its Exton, Pa., store and filed for Chapter 11 bankruptcy. The Devon property, which totals six acres, was then put up for sale. It reportedly traded for around $7 million.
Kahn is still working on plans for what is a prime piece of real estate.
“How often does six acres on the Main Line on Route 30 across from a train station come up for sale?” Kahn said.
Kahn initially thought a multifamily project with some retail space would work for the site and be similar to a project Kahn is developing with Cornerstone Communities in Malvern, Pa., but those plans might change.
“It’s a phenomenal piece of real estate, and I didn’t anticipate the tremendous amount of interest from retailers,” he said. “I’m working on several different scenarios. Some with a multifamily component and some without.”
Kahn is hopeful he will have a concept to present to the township and neighborhood sometime this summer.
Source: Philadelphia Business Journal
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