Palmer Group Properties is seeking to sell a site
adjacent to the Paoli Train Station in Paoli, Pa. – an office complex that
could be potentially redeveloped into a transit-oriented apartment project.
Located at 37 North Valley Road, the four-building office
complex called Station Square would need to be demolished to make way for any
new development. The buildings are more than 40 years old and the tenants are
on month-to-month leases, said Mark Thomson (CQ) of HFF, which is marketing it
for sale.
The property is listed for about $9 million.
By right, a developer could construct 135 apartments on
the property though they could try to seek approvals for more density.
There are a few moving parts to the 7.45 acre property.
Of that, an acre will be transferred through eminent domain to Amtrak and SEPTA
for a proposed $36 million redevelopment of the Paoli Transportation Center and
realignment of a bridge over Valley Road. When that property will be taken by
the rail companies and how much it will be valued at has not yet been
determined.
In spite of some of the uncertainty, interest in the
property has been high with interest from local real estate firms as well as
those from outside the area, Thomson said.
“It’s on the Main Line and everyone is looking at it,”
Thomson said. “I’ve gotten calls from national builders who want to get into
the Philadelphia market.”
Source: Philadelphia
Business Journal
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