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Station Square in Paoli to finally get underway

Station Square in Paoli to finally get underway
September 6, 2018

Linden Lane Capital Partners expects to break ground next month on Station Square, a $50 million apartment complex off Valley Road and next to the Paoli Train Station in Paoli.

The project has been in the works since November 2015 when Linden Lane put an office complex called Station Square under agreement and began to work on plans for an apartment complex that would cater to the high-end of the market. At first, Station Square called for the construction of three, four-story buildings with 150 apartments and three office spaces. The project had then been estimated to cost $40 million.

Station Square is now designed as a single, four-story building with 153 apartments and one office space as well as an underground parking garage. It will also cost a lot more.

The increased budget is a result of higher construction costs, said Michael Wachs of Linden Lane. It is also because the design of the building and units.

“Our goal is to build the highest quality rental project in the Upper Main Line,” he said. “Rather than value engineer and cut corners, we kept the quality up.” That meant, for example, having ample ceiling heights and units will have 9-foot ceilings.

Wachs anticipates getting rents at about $2.30 a square foot, which is comparable to some of the new apartments at the King of Prussia Town Center and consistent with Eastside Flats, an apartment project in nearby Malvern.

Amtrak, SEPTA, PennDot and the Delaware Valley Regional Planning Commission and officials from nearby townships have been working for years on a variety of projects in the vicinity of Station Square and its development helps some of those move forward. For example, a portion of the land on which Station Square will be built was given by Linden Lane to the township and will help with the future realignment of Valley Road. The first phase of the redevelopment of the Paoli Transportation Center is underway.

Bernardon designed Station Square and IMC Construction is building it. The project is expected to be completed by December 2019.

Written by  Natalie Kostelni; Originally published in Philadelphia Business Journal.

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