Keystone Unveils Updated Plans for $200 Million Mixed-Use Project in Conshohocken
- Aug 27, 2014
By Veronica Grecu, Associate Editor
The $200 million mixed-use project that Keystone Property Group is looking to build in Conshohocken is moving forward as the developer recently presented updated details for the mega-development and announced that architecture and consulting firm Gensler will lead the planning and design of the project.
Conveniently located near a SEPTA train station, One Conshohocken was unanimously approved as a transit-oriented development by the Conshohocken Borough Council last year in December. Keystone’s project, which is part of the Conshohocken Redevelopment Master Plan, will reconvert four properties at the intersection of Fayette and Elm Streets into a vibrant public plaza flanked by offices, a new hotel, restaurants and shops. The existing properties include a grass covered area at the corner of West Elm and Fayette Streets, an office building at 1 West First Avenue and another one at 100 West Elm Street, a parking garage off West First Avenue, as well as the 136-year-old Washington Firehouse.
According to the Montgomery News, the updated version of the project calls for a 300,000-square-foot Class A office tower. This is a 50 percent increase in from the 2013 proposal which included a smaller building of only 200,000 square feet. Additionally, One Conshohocken will have a 200-room boutique hotel targeting business travelers, while the old firehouse at the corner of West Elm and Fayette Streets will be incorporated in the development as a brew pub and restaurant that will offer indoor-outdoor dining and event experiences. The existing parking garage will be replaced by a six-story parking facility with around 1,200 spaces with 300 spaces for public use. The public plaza, which was designed as the centerpiece of the project, will have 20,000 to 30,000 square feet of retail space that will lease at around $40 per square foot.
Phase I of the project, which includes the plaza, the 15-story hotel and the conversion of the firehouse, will break ground next spring. As for the office building, the Philadelphia Business Journal reports that it will be built as soon as an anchor office tenant is secured. Scheduled for completion by the end of 2017, the entire project is expected to generate up to 1,000 new permanent jobs.
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Rendering courtesy of Keystone Property Group