Stonewall Capital, a Baltimore-area developer, is planning a massive mixed-use project on former farmland in New Garden Township, writes Melody Simmons for the Philadelphia Business Journal.
Construction on the $300 million White Clay Point development is scheduled to begin next fall. The project will include 622 residential units, a grocery store, and a Wawa convenience store, as well as additional retail space.
It will be built on a former mushroom farmland near the busy U.S. Route 1 corridor and Kennett Square.
“It’s a big one,” said Stonewall Principal Ray Jackson. “We have already built a lot in the state and continue our expansion.”
Settlement on the property, owned by a partnership of PREIT and JPMorgan, is expected within the next few weeks. The pair acquired the property 20 years ago with plans for a retail hub and sports complex, which never materialized. Working with township officials, they approached Stonewall in February to assume ownership and development responsibilities.
The financial terms of the deal were not disclosed.
New development plans were shared with local officials in August.
“Our design is less retail-oriented and more residential-oriented,” said Jackson.
Read more about White Clay Point coming to New Garden with over 600 units in the Philadelphia Business Journal.
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Some views of Chester County farmland.
