Developer C.F. Holloway & Co. has bought the former
Main Line YMCA property in Ardmore, Pa., for $6 million.
The seller was a venture between Cornerstone Communities
and Provco Group of Villanova, Pa. That partnership had acquired the site two
years ago from the Main Line YMCA for $2.6 million and took it through the
approval process, said David Della Porta, who runs Cornerstone Communities.
Cornerstone and Provco's plans had involved tearing down
the existing 25,000-square-foot structure on 1.8 acres at the corner of
Montgomery Avenue and St. George’s Road and constructing a $20 million, 32-unit
condominium complex. Approvals are in place for a four-story building.
It is unknown whether the new owner will move forward
with those plans. Cas Holloway III, who operates C.F. Holloway of Wayne, Pa.,
couldn’t be reached for comment.
The developer has been prolific along the Main Line. In
addition to constructing single-family houses, Holloway has successfully delved
into multifamily development and constructed several condominium projects in
Wayne.
Source: Philadelphia
Business Journal
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