PAOLI, PA—Holliday Fenoglio Fowler is shopping an unusual multifamily opportunity – a 7.45-acre office park adjacent to the Paoli train station, which already has the development rights for up to 135 units of multifamily housing. It's the largest such parcel available on the Main Line with the potential for highly amenitized luxury apartment development, Mark Thomson, HFF senior managing director in Philadelphia, tells GlobeSt.com exclusively.

“There are a lot of moving parts to this deal,” says Thomson. “It's a very rare apartment development site. There's really only one other site along the entire Main Line where you can potentially build apartments, and that's in Wynnewood. That's under contract with a group right now that's paying about $100,000 per unit for the buildable dirt.”

The property is currently a four-building office complex, with functionally obsolete office buildings that need to be demolished, says Thomson. PennDOT and Amtrak are planning to take about an acre of the site under eminent domain for a planned relocation of the Valley Road bridge over the railroad. That will not occur until Federal funding is allocated, and could take several years.