Home News Undeveloped parcel along the riverfront in Conshohocken sold to apartment company

Undeveloped parcel along the riverfront in Conshohocken sold to apartment company

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Philadelphia Business Journal report On June 26th Morgan Properties I bought an undeveloped lot along the riverfront at 235 Washington Street in Consho Hocken for $ 8.5 million. This property is known as Millennium IV and is a grass area near the heliport. It was sold by the New York company Terra Capital Partners, TPT Millennium, LLC, which is part of LLC.

Morgan Property now owns more than half of the Millennium Redevelopment Area initiated by O’Neill Property in 2002. This includes existing office buildings known as Millennium I, II and III, as well as currently undeveloped plots.

Morgan Properties is the developer of the apartment, but does not own the two residential apartment communities Lumina (formerly Londonbury) and Riverwalk that were part of the Millennium Redevelopment. Morgan Property owns Sherry Lake Apartments along Butler Pike in the Conshohocken section of Whitemarsh Township.

If you track the development along the river, you may remember that this undeveloped plot was recently marketed by O’Neill to AmerisourceBergen for headquarters. AmerisourceBergen finally chose the SORAWest site along Fayette Street. O’Neill then sold the property to Terra.

As MoreThanTheCurve.com According to reports, the Conshohokken Autonomous Region Council recently resolved to remove residential use from zoning codes in areas, including riverfronts. If Morgan Property wants to build an apartment community in the property, it needs to ask for zoning distribution or convince the Autonomous Region Council to modify the zoning code. The accommodation can be used as an office building.

Currently, there are four apartment communities along the riverfront, ranging from approved but unconstructed to approaching opening.

In 2021, Morgan Properties announced that it plans to relocate its headquarters from King of Prasha to Millennium II and III.

Things to think about

Whitpain Township recently paid $ 8.5 million to a property on Lake Mermaid (a very similar amount to this property in Conschohokken). To cover the costs, the supervisory board resolved to hold a referendum on taxes to cover the acquisition of open space. It was estimated that there would be an additional $ 40 for labor income tax. The referendum has passed overwhelmingly. Keep in mind that wit bread is about twice the population of Concho Hocken.

Why don’t you think about something similar with Consho Hocken?

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