The project to recover the former Arco Chemical property in Newtown Square, known as the Ellis Preserve, has reached its halfway point, writes Natalie Kostelni for the Philadelphia Business Journal.
Purchased 12 years ago by Equus Capital Partners, the 218-acre property had just three lonely occupants: Arco, SAP America, and Graham.
At the halfway point of development and investment, it would be an understatement to say things have changed for the better. Substantial work has already been finished, with much more on the way. It is estimated that, by completion, the project will have cost $600 million.
The first phase of retail space that includes a new Wawa is almost complete, and a Hilton Garden Inn hotel with 138 rooms is under construction.
Also, there are now 35 companies occupying the one million square feet of office space, including Sunoco, which has rented more than 200,000 square feet, and startups like Petplan.
“The development of the mixed-use, retail complex next door is an exciting step,” said Jeff Shields, Sunoco’s spokesperson, “one that was a real selling point for our employees.”
Read more about the project in the Philadelphia Business Journal by clicking here.