A residential project of 50 townhomes and 192 apartments has been proposed for the Newtown Square Corporate Campus, writes Ryan Mulligan for Philadelphia Business Journal.
The Media-based Henderson Group wants to replace three office buildings to create 242 age-restricted residential units.
The office park, south of West Chester Pike, is currently 60 percent occupied, a victim of the work-at-home pandemic and post-pandemic years.
Henderson Group owns more than 250,000 square feet at the corporate campus across five buildings and is looking to revive the property with a residential conversion.
Zoning at the campus has a provision for senior housing. Henderson Group opted to fill a need for 55-and-over housing in Delaware County desired by retirees looking to downsize.
“There aren’t a lot of communities like this, but we are seeing a demand for them in many places,” said Henderson Group CEO Brian Coyle.
It would be Henderson Group’s first multifamily development. The developer would consolidate existing office tenants into 14 and 18 Campus Blvd. and demolish 11, 15, and 17 Campus Blvd.
Construction of the residential units would begin in mid-2027 once approvals are given. The project would take 18 to 24 months.
Read more about the proposed residential project at the Newtown Square Corporate Campus in the Philadelphia Business Journal.
