Keystone Property Group, the developer that agreed to
build a $200 million mixed-use project on Fayette Street in Conshohocken, Pa.
has been granted a six-month delay by borough council for starting
construction.
The Lower Merion developer agreed in December 2013 to
begin construction within 24 months after signing contracts with the council
and the Montgomery County Redevelopment Authority.
An overhead rendering of One Conshohocken which will have
a 200-room hotel, and a 300,000-square-foot office building.
But Montgomery Media said council granted the extension
after Keystone officials submitted their application for the land development
and requested a staff meeting to discuss the requirements of Conshohocken’s
zoning regulations.
The district is
currently zoned BC (Building Commercial) and KPG officials want to change it to
the SP-4 District (Specially-Planned).
“They needed to
file the land development application to give council the ability to grant the
six-month extension,” Borough Manager Richard Manfredi said. “Now the process
begins and they have another six months.”
KPG gave
Conshohocken officials a proposed text amendment to change the zoning to an SP4
zone that has not yet been created by Conshohocken officials, Manfredi said.
The master plan aspires to connect disparate pockets of
the borough and serve as a model for transit-oriented development.
Called One Conshohocken, the development will sit along
Fayette Street and include a public plaza in the center that will have a
200-room hotel, a 300,000-square-foot office building and a multistory parking
garage, as well as a 136-year old firehouse that will be converted into a
brewpub.
Source: Philadelphia
Business Journal
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