WAYNE, PA—The Chesterbrook Shopping Center here after years of struggle will be renovated and converted into a mixed-use property.
The owners of the property are now proposing a project, valued at $85 million, that will involve demolishing a large portion of the existing 122,216-square-foot center and replacing it with 124 townhome apartments and a retail component, according to the Philadelphia Business Journal,
“When we bought the property, we wanted to figure out why it was broken and how we could fix it,” said Robert F. Whalen Jr. of RW Capital Partners Inc., a Plymouth Meeting, PA-based real estate investment company and a partner in the Chesterbrook Shopping Center. He says that after review it was determined that the property could not continue as a pure retail shopping center. The residential portion of the project is reportedly to be sold to Media, PA-based Cornell Homes.
A total of 78,960 square feet was empty and 21 of its 41 store fronts were vacant at the time the property was sold last fall to the partnership of RW Capital Partners, Brian McElwee of Valley Forge Investment Corp. and RLD Land Development. See story in the Philadelphia Business Journal.
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