(Read more on the multifamily market.)
VALLEY FORGE, PA-O'Neill Properties Group has unveiled the second multifamily stage of its redevelopment of the 65-acre former Lubin Film Studios site into Riverview Landing at Valley Forge. Called the Lofts at Valley Forge, this residential component encompasses 388 rental units in seven buildings.
Kevin Kyle, the King of Prussia-based developer's project manager of Riverview Landing, tells GlobeSt.com the estimated construction cost is $42 million. The first building will be ready for occupancy Nov. 1. All seven buildings and the 5,025-sf clubhouse are under construction, and Kyle expects completion by June 2008.
Units include one- and two-bedroom loft-style units ranging in size from 738 sf to 1,232 sf. Rent rates begin at $1,195 a month and reach to $2,000 a month, Kyle says, "depending on the location, floor, view and size. The units have features and amenities usually found in condominiums," he adds, noting, "we use all local craftsmen, contractors and subcontractors that have been with us for a long time." All units have nine-foot ceilings and balconies. Each includes a laundry room and all are pre-wired for alternative high-speed Internet, phone and video service providers.
The Lofts at Valley Forge follow an initial 310 apartment units, that were constructed on the property in 2004 along with the conversion of five historic buildings into 52,000 sf of class A office space. O'Neill sold the initial multifamily portion of the complex to JP Morgan, and it is managed by Pizutto Management Co., according to Kyle. The office buildings date back to 1912 when they housed the studios of silent film producer Sigmund Lubin, and he says they are 50% leased.
Riverview Landing is located along the Schuylkill River at the nexus of Routes 363, 422, 202; the Pennsylvania Turnpike and Schuylkill Expressway. It is adjacent to historic Valley Forge National Park. Brian O'Neill, founder and chairman of O'Neill Properties, says, "this community caters to resident who make outdoors and part of their lifestyle," alluding to the adjacent 4,000 acres of parkland and 40 miles of cycling and walking trails.
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