Real estate investors in the Philadelphia Metro area have numerous excellent opportunities for investment. For those with a long-term outlook, it is important to look at a number of variables, one being what’s the long-term outlook for growth.
One area which is currently seeing tremendous growth and could potentially see even more growth is Montgomery County. Right now areas like Conshohocken and King of Prussia are seeing strong growth in industrial and commercial and residential real estate projects and from a look at projects in the planning phase, even more, growth can be expected.
Currently, more growth is expected even along Lancaster Avenue in Ardmore. Piazza Management recently unveiled plans for a new mixed-use development on Lancaster Ave. Katie Park for Philly.com wrote a recent article, Ardmore is getting ready for its transformation — a downtown, which highlighted this potential development.
If approved, the complex would replace the Acura and Volkswagen dealerships on Lancaster Avenue with a six-story, mixed-use complex that would have 257 apartments, 122,990 square feet of commercial space, and 840 parking spots.
Located on a highly visible and traversed section of Ardmore’s commercial district, the development could be a linchpin of the town’s vision of an attractive, walkable downtown that abuts residential neighborhoods.
This new development could bring major changes to downtown Ardmore and trickle out up and down Lancaster Ave and the surrounding neighborhoods. Meanwhile, Conshohocken is seeing tremendous growth in office space and mixed-use developments. One major project that has been announced is SORA West.
A massive new mixed-use development featuring office space for a major company, a hotel, and dining options has broken ground in Conshohocken.
Officials are calling SORA West “vibrant public plaza,” which, when complete, will include a 200-foot tower, 165-room hotel with a rooftop restaurant and lounge, a 1,500 space parking garage, and more.
Amerisourcebergen, a pharmaceutical distributor and one of the wealthiest companies in the world, will relocate its global headquarters to the 11-story, 429,000 square foot office tower.
This new development and the relocation of Amerisourcebergen from Chesterbrook (Chester County) to Conshohocken (Montgomery County) will likely spur additional growth in Conshohocken and throughout Montgomery County.
Fortunately, for investors in Conshohocken and Montgomery County, this is not the only new office development planned. More Than The Curve reported, that Seven Tower Bridge, a previously bankrupt development, is now going forward with another building 250,000 square feet of office space on the Conshohocken riverfront.
Within the article they mention the potential tenant being Hamilton Lane who would be making a move within Montgomery County from Bala Cynwyd to Conshohocken.
While all these developments are great for Montgomery County, it also means there are plenty of opportunities for savvy real estate investors throughout the area.