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CONSHOHOCKEN, PA-Construction begins on Riverwalk at the Millennium, the 375-unit multifamily residential component of the 25-acre Millennium planned community being developed here by King of Prussia, PA-based O’Neill Properties Group. The apartment construction cost is estimated at $51.8 million.

The residential complex will be located on the 9.2-acre former site of Kempf Building Supply on Washington St., and it will consist of four four-story buildings along with a central clubhouse, fitness room, swimming pool and meeting center. O’Neill is partnering with Greenbelt, MD-based Bozzuto Group for this phase of the Millennium complex. The apartments are described as upscale.

The one-, two-, and three-bedroom units will range in size from 800 to 1,500 sf. To date, three of the planned office buildings, Millennium I, II and III, have been completed. Together, they are 90% leased. Two additional office buildings, IV and V, each totaling 270,000 sf, are planned for the complex along the Schuylkill River. The third-quarter office vacancy rate in Conshohocken, however, rose above the 20% level.

The Millennium land site is the 1,000th Brownfield site cleaned up under Pennsylvania’s land recycling program. In September 2001, the state awarded $2.5 million to the complex under the redevelopment assistance capital program, the first such grant awarded to Montgomery County.

O’Neill focuses on revitalizing abandoned properties and turning them into class A office, multifamily residential and retail space.

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