Mixing It Up in Newtown Square as Ellis Preserve Enters Final Phase
A two-decade $700 million project to develop the 210-acre Ellis Preserve in Newtown Square is entering its last phase, writes Natalie Kostelni for Philadelphia Business Journal.
The mixed use community will see 30 more acres developed. The $150 million plan calls for a 200-unit apartment complex and 63 townhouses.
Plus, the development calls for a 100,000 square-foot mass timber office building, an 18,000 square-foot wedding and conference venue, and 78,000 square feet of retail and restaurant space.
“This is a big phase,” said Steve Spaeder, a principal with Ellis Preserve developer, Equus Capital Partners.
There are already offices, retail businesses, apartments, and other residential and hotel development at the site. A Whole Foods store and a hotel serve as anchors for the space.
Rockwell Custom, a Media-based residential homebuilder, will add to 66 stacked townhouses on-site with 63 traditional townhouses. They are expected to start in the $600,000.
“From our perspective, this is an unrivaled community,” says Rockwell owner Greg Lingo. “There’s nothing like it around. It’s a great employment center, has awesome transportation routes, and Newtown Square, ever since I was a kid, was a place people aspired to live.”
The Ellis Preserve is part of a larger 450-acre property that once was the 55-year home of the Charles E. Ellis School for the Education of Fatherless Girls.
In 1909, local businessman Charles E. Ellis left the majority of his estate for the college campus.
The property at Rt. 252 and Rt. 3 has since been used as a headquarters and research facility for Atlantic Richfield Company.
A portion of the site today is the U.S. headquarters for German software designer SAP.
Read more at Philadelphia Business Journal about the last phase of the Ellis tract.
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