During the February 5th meeting of Plymouth Township’s council, there was a presentation from Michael P. Markman of BET Investments regarding the partial redevelopment of the Conshohocken Ridge Corporate Center in Conshohocken (Plymouth Township). If you are not familiar with the office park, it is behind the Lukoil at Ridge Pike and Colwell Lane with an address of 625 Ridge Pike.
The presentation outlined that three of the six office buildings on the property would be removed and replaced with retail space with 200 apartments above (103 one bedroom/93 two bedroom). The majority of the retail would likely be utilized by a high end grocery store that was described as being known for its own label and people loving having in their community.
We know what you are thinking. While it sounded an awful lot like Trader Joe’s, it could also be Sprouts (which has a location at BET’s Promenade at Upper Dublin), and some others. But the way it was talked about we think it is definitely a Trader Joe’s (the other brands wouldn’t be coached in so much secrecy).
The presentation was informal and no application has been filed. Its purpose was to gauge the interest of the council members and public and answer questions. If it were to proceed, it would require the council to amend the zoning code or receive zoning relief from the township’s zoning hearing board.
Council members asked about the price of the units and if 200 units were the number needed. Regarding the price, the one and two bedroom units would be priced in the $2,000 to $3,000 range. If the council advocated for less units, the developer was amenable to explore that as well. Following up on the price, the developer was asked if there could be “work force” or more affordable units within the development. The developer shared that the cost of construction has doubled over the past decade, but would look if that was achievable.
More to come.