Equus Capital Partners has received approval for the development of a five-story office building and a three-level parking garage at Ellis Preserve in Newtown Square, writes Natalie Kostelni for the Philadelphia Business Journal.

The approval is a milestone for the mixed-use community. There are currently just two undeveloped Ellis Preserve sites, an office building and another retail section, but both are in the works.

While it is unusual for office developers to build on speculation, Equus wants to be ready if a large tenant is looking for a new building, but wants to avoid the lengthy approval process. The new office building is large enough to be the headquarters for a sizable company, but could also house multiple tenants.

The remaining 30 acres of Ellis Preserve is for the second phase of the retail portion, which is currently in the planning stage. It will include stores and restaurants along with for-sale housing and a multifamily development.

Also, the Whole Foods that was supposed to be completed last summer is finally showing signs of progress. Currently, the interior is being completed, with the grand opening set for January.

Read more about the development at Ellis Preserve in the Philadelphia Business Journal by clicking here.

[uam_ad id=”52850″]