Real Estate Journal — Owners, Developers & Managers — September 27 - October 10, 2019 — 3B
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Developer plans to honor the history of the Horace Trumbauer designed estate Gillespie, Elderkin & Kelley of Avison Young brokers sale of historic Elkins Estate to Landmark E
LKINS PARK, PA — After years of planning, Landmark Developers has closed on the purchase of the iconic Elkins Estate in Cheltenham TWP. Based in Jersey City, Landmark plans to spend between $20 and $25 million renovating the 42- acre campus that previously served as a retreat home for the Dominican Sisters of St. Catherine de Ricci. The new owner’s plan calls for a hotel and event center with 110 hotel rooms, five guest cottages, an indoor and outdoor restaurant, wellness center and spa, and helipad. Landmark’s purchase of the project hinged on Tax Increment Financing (“TIF”), which was passed by the Cheltenham Township School Board in February. The TIF phases in real estate taxes for the property owner over a 20-year period. Previously owned by a non-profit, the prop- erty was exempt from property taxes prior to the latest sale. “In addition to adding to the vibrancy of Cheltenham Township and its tax base, our investment into Elkins Estate will create 120 new jobs within the community,” said Scott Grogan , chief financial officer of Landmark Developers. “This is a transformative project that the township will be proud to call their own.” The Elkins Estate, built in 1898, was once the home of wealthy American business- man and inventor William Elkins, and was designed by the famed Gilded Age architect C M Y CM Owners, Developers &Managers MY CY
Elkins Estate
The sale of the Elkins Es- tate was brokered by Adam Gillespie, Ben Elderkin
Temple Tyler School of Art, which is adjacent to the Elkins Estate.
Horace Trumbauer . Land- mark plans to honor the history of the estate by preserving six of the seven original buildings.
and Patrick Kelley of Avi- son Young. The team is also marketing for sale the former
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