A large-scale condominium project is set to break ground early next year in Ardmore on the Main Line. The $20 million development is being built by
Cornerstone Communities and the
Provco Group, and will replace the existing Main Line YMCA on St. George's Road, a facility that's been there for 57 years.
Once complete, the project will feature 32 condos in a four-story development. The site is across from shopping mecca Suburban Square and adjacent to a SEPTA rail station, a carrot for this sort of high-density transit-oriented development.
The Y will vacate their current digs at the beginning of October for greener pastures in Haverford. With that move in the works, the parent organization, the
Philadelphia Freedom Valley YMCA, approached
SSH Real Estate to find a suitable buyer.
"Immediately, we had a lot of interest," explains SSH's Adam Gillespie. "It's right at the doorstep of one of the Main Line’s best retail complexes and transit is close by."
In all, the firm received 13 offers -- some for residential projects, others from those looking to reuse the Y as a community center and health complex.
"After the property was on the market for two months, we decided to go with the offer that had the best terms and best chance of coming to fruition," explains Gillespie.
The Lower Merion Planning Commission agrees with Gillespie, and recently gave their stamp of approval for the project. While some zoning hurdles still remain, the development team is looking to break ground early next year.
Source: Adam Gillespie, SSH Real Estate
Writer:
Greg Meckstroth