Real Estate Journal — 2017 Forecast — January 27 - February 9, 2017 — 9C
www.marejournal.com
M id A tlantic
M ultifamily D evelopment
he multifamily market continues to explode. According to real estate By Neil Liebman, AIA, LEED AP, Bernardon Demanded and supplied: The multifamily market’s astounding growth in 2016 T in four three-story apartment buildings, and the Village at Fort Washington, a 305-unit unit mixed-use community with 125,000 s/f of retail space. Our firm has also developed with two-story townhomes in order to create high-density residential opportunities in an attractive urban core.
crease in 2017, these increased rates may not be enough to offset the increasing costs of construction. The future mul- tifamily projects that will be successful will be those, like Bernardon’s, that balance the costs of construction with the high-quality living experiences that today’s residents demand. Neil B. Liebman, AIA, LEED AP, is Managing Principal of Bernardon, an architecture, interiors, and landscape architecture design firm. He has over 35 years of experi- ence in designing multifam- ily, mixed-use, corporate, and retail developments. n
industry lead- ers such as Freddie Mac and Marcus & Millichap, 2016 was the best year for housing in a decade, with construction
Another concept, “Co-Living,” was introduced in response to the increased demand for multifamily housing among older adults and seniors. This diversified, mixed-use product combines mutually beneficial aspects of both senior living and multifamily communities, which will provide dwelling op- portunities for all demograph- ics and inspire varied genera- tions to learn from one another. Although trends show that rental rates will continue to in-
“The future multifamily projects that will be successful will be those, like Bernardon’s, that balance the costs of construction with the high-quality living experiences that today’s residents demand.”
mixed-use residential develop- ment directly adjacent to the train station in Fort Wash- ington. Other projects include Exton’s 410-unit Reserve at Main Street, as well as a 220- unit complex at Woodbine Ave. in Downingtown and the Prom- enade at Upper Dublin, a 240-
several new design innovations that have drawn on unique changes in the multifam- ily housing market. At Paoli Apartments in Paoli, Bernar- don is pioneering a new housing product known as the “Village Dwelling Concept.” The concept combines one-story “flat” units
Neil Liebman
starts hitting their fastest pace since 2008. In the Philadelphia area alone, developers complet- ed 5,900 rental units in 2016. Our firm has collaborated on a number of impressive multi- family developments in the last year, some of which will break ground in 2017, reinforcing the industry trends. This rapid de- velopment can reveal not only where the Mid-Atlantic multi- family market currently stands, but where it is headed in 2017. Chestnut Square, an urban infill development in the heart of downtownWest Chester, was completed in June 2016. This contemporary interpretation of a traditional vernacular is home to 205 one- and two-bed- room units along with a pool, sundeck, courtyard lounge with a fire pit and grilling station, fitness and yoga center, and observation deck overlooking the historic downtown. Additionally, 100 St. Georges, a luxury condominium develop- ment, will be completed in the winter of 2017. The four-story building includes 31 luxury units, each complete with a pa- tio or terrace. The project is located in central Ardmore, the “Main Street of the Main Line,” culturally richwith its abundant parks, walkable downtown, and community celebrations. All but one unit remains unsold. There have also been a num- ber of successful transit-ori- ented and urban infill develop- ments in the region, including West End Flats of Media which broke ground in September. With 164 apartment units and 8,000 s/f of amenity space, the project will help to urbanize an underutilized area of Me- dia and create a new gateway into the borough while artfully maintaining the industrial aes- thetic of the surrounding area. Construction has also com- menced on the 275-unit AVE King of Prussia, as well as the 310-unit Park Square project also located in King of Prussia. Currently in development are Station Square, a new commu- nity in Paoli offering 134 units
DREAM. DESIGN. SUCCEED.
Kennett Square, PA Philadelphia, PA Wilmington, DE www.bernardon.com
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