$20M mixed-use development planned for Bryn Mawr

Blank Aschkenasy Properties has plans to construct a $20 million mixed-use project on Lancaster Avenue in the heart of Bryn Mawr.

The project, called Bryn Mawr Village, will be built at 909 Lancaster Ave. on several parcels that Aschkenasy assembled over the last few years on Lancaster and along Merion Avenue. The site includes a surface lot and adjacent structure that had been used by Verizon.

Bryn Mawr Village will consist of nearly 60,000 square feet. The main part will be 53,000 square feet and roughly 35,000 square feet will be retail space and 17,000 square feet will be office space. The architect is Bernardon Haber Holloway.

That spot in Bryn Mawr has been somewhat of a "hole" along Lancaster Avenue, said Paul Aschkenasy.

"Bryn Mawr is really the center and the heart of Lower Merion in many ways," he said. "These two blocks have struggled and there has been a hole in this area for a long time. For that market, it has been somewhat of a blight."

The company is in the process of getting its land development approvals.

Scott Williams of Avison Young is handling the leasing of the office space while Steve Niggeman of Metro Commercial Real Estate will oversee leasing the retail portion.

The office space has already gotten some interest from a variety of investment companies and other firms, Williams said. The rents won't be cheap. The West Conshohocken, Pa., developer is looking to get $40 per square foot.

"We're shooting for the top of the market," Williams said. "We think it's going to get some good traction."

Construction could begin early next year and the work scheduled to be completed by fall.

Source: Philadelphia Business Journal