O’Neill Properties Has Sold 51 Washington Street to Mack-Cali

Today the Philadelphia Business Journal reported that O’Neill Properties has sold the undeveloped, but approved for apartments, property at 51 Washington Street to Mack-Cali Realty Corp. The article states:

The 3.1-acre parcel at 51 Washington St. is approved for 310 apartments. The site is located on the western side of the Fayette Street bridge or to the left while heading into Conshohocken. The property fronts the Schuylkill River.

Mack-Cali’s affiliate, Roseland, intends to begin construction of a multifamily complex on the site during the first quarter of next year, said Ilene Jablonski, a company spokeswoman. Jablonski declined to disclose the purchase price until the company does so through Securities and Exchange Commission filings. The Edison, N.J., company bought the site because it fits within its strategy to take positions in markets that have high barriers of entry and are served by mass transit.

We have sent an email to the new owner to inquire as to whether it plans to build the apartment community as it has already been approved, or if it has new plans. When we receive an answer we will share the information.

We emailed with O’Neill Properties’ attorney, Edmund Campbell, and asked how this would affect the grant O’Neill Properties received to improve the parking situation around the Conshohocken rail station. He shared that O’Neill Properties is committed to working with the new owner and the Borough to see that project through.

O’Neill still owns another approved, but not yet developed, property on the 400 block of Washington Street.


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