(To read more on the multifamily market, click here.)

CHARLESTOWN TWP., PA-The township pays $3.1 million fordevelopment rights at Avon Lea Farm close to the intersection ofCharlestown and Pickering roads near Phoenixville from the owners,the Stonorov family. Members of the family will retainapproximately 75 acres of the 270-acre property.

With the purchase, "we are assured that no more than five newprincipal residences will be built on the property," Kevin Kuhn,chairman of the township's board of supervisors, tells GlobeSt.com."If the family were to have sold the farm to a residentialdeveloper there would have been a minimum of 92 new homesconstructed." Under the agreement, "we don't own anything. Thereare two easement holders--the township and North American LandTrust," which is based in Chadds Ford, PA "and the easements areheld in perpetuity. If someone tried to develop and build on theland, the trust would block it, regardless of who eventually mighthead the township."

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