BALA CYNWYD, PA-The ownership of the 555 City Ave. office building here has opted to expand by building a single-story 15,000-square-foot medical office building on the property.
The Robbins and Rubin families, which own the 11-story, 128,000-square-foot office building at 555 City Ave. appear to be the first property owners to take advantage of a new overlay district along the City Avenue corridor. The zoning permits taller buildings and denser mixed-use development, according to the Philadelphia Business Journal.
“You have a lot of owners taking a hard look on how they can modify their current sites by potentially redeveloping it,” said Scott Gabrielsen of Binswanger who represents 555 City Ave. “It's really changing the landscape of what can happen in Bala.”
The new building to be called the Annex at 555 will be constructed once it is pre-leased, Gabrielsen said. See story in the Philadelphia Business Journal.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.