The owners of the Chesterbrook Shopping Center have an $85 million vision for change.
The area can no longer support that amount of retail space, the current owners told Philadelphia Business Journal. They propose tearing down most of the existing retail structure, and building 124 new townhouses. The front part of the shopping center, where Pizza Land is, would remain under their plans.
The shopping center was purchased in November by Robert F. Whalen Jr. of RW Capital Partners Inc. and Brian McElwee of Valley Forge Investment Corp. and RLD Land Development, the Business Journal said. It was unclear what they paid for the property.
The shopping center, built in 1981, for years was anchored by Genaurdi's, but that closed in 2010. Twenty-one of the center's 41 storefronts were vacant when the center was sold last fall, the Business Journal said.
The plans still must go through the Tredyfrrin Township approval process.
Do you think a much smaller retail space will be successful?