The $85 million in financing covers construction of the first phase of a 602-unit luxury multifamily complex and rehabilitation of the original studio buildings. The mixed-use community will include 54,000 sf of office and retail space.
The property, once known as "Lubinville," was founded in 1915 by film pioneer Sigmund Lubin as the most technically advanced studio of its day. It served as the inspiration for the original Universal Studios in Hollywood. Before it became Lubinville, it was the estate of brewer John Betz.
Located at the intersection of the Schuylkill River and Routes 422 and 363, it is adjacent to Valley Forge Park. As a part of the redevelopment, Riverview will extend the Valley Forge Park bike trail along the Lubin parcel's approximately one mile of river frontage.
"The site's proximity to King of Prussia and the Valley Forge markets, combined with the sophisticated park-like setting we're going to develop, will make Riverview a premier residential, retail and office location," says Stephen Corridan, SVP of O'Neill. Wayne, PA-based Strategic Realty Partners is the exclusive leasing agent for Riverview.
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