The owner of the land, Hankin Family Partnership, also of Berwyn, joins Realen in the suit. Hankin acquired the parcel in 1965 for an undisclosed price that, according to published reports was about $25 million.
The zoning board's decision was upheld in two lower court appeals. The landowner and developer charge that the land is being unfairly "held hostage" and charge that "misuse" of the board's authority is causing them economic hardship.
Realen's plan calls for 425,000 sf of retail space, two 300-room hotels, and either a 640-unit multifamily complex or an office complex of approximately 900,000 sf. The plan has been subjected to more than a dozen public hearings over the past 36 years and was rejected in all cases.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
