8C — May 20 - June 16, 2022 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
Multifamily Development
Coming Soon: The Reserve on Forge and The Reserve at Steelpointe in Phoenixville Capano Residential expands into Pennsylvania multifamily market
apano Residential, a privately held, diversi- fied real estate develop - ment company with multifam- ily residences spanning Dela- ware, Maryland, and Florida, has entered the Pennsylvania multifamily market with two new residential communities. Through a partnership with Eland Downe Townhomes, Capano Residential is develop- ing The Reserve on Forge and The Reserve at Steelpointe in Phoenixville, a Philadelphia suburb undergoing a devel- opment boom. Both projects are designed by Architectural C
A comparable product to The Reserve on Forge already completed by Capano Residential
A rendering of Capano Residential's The Reserve at Steelpointe
Alliance, an award-winning architecture firm. Set on 50 acres, The Reserve on Forge and The Reserve at Steelpointe are currently in the first phase of construc- tion and are slated to open in summer/fall 2022 and 2023, respectively. “The Phoenixville market has experienced a tremendous revitalization in recent years, as renters seek a suburban feel with all the perks of urban liv- ing: new construction, exciting retail and dining, walkability, and easy commuter access,” said Louis Capano III, CEO of Capano Management. “Phoe- nixville is the ideal location to build on the success of our trendsetting residential com- munities in other markets while meeting renter demand.” According to Chester County Borough, Phoenixville has seen 724 new apartments from 2017 – 2021 with 1,132 apart- ments approved to be built between now and 2024. And with Delaware Valley Regional Planning Commission’s projec- tions, Phoenixville’s popula- tion is expected to grow from 18,260 to 25,710 by 2045. To keep up with demand, Phoe- nixville is currently developing a new fire station and recently opened a new recreation cen- ter. Phoenixville will also be a stop on the proposed Schuylkill River Passenger Train line. Phoenixville is also home to the historic Colonial Theatre, which was featured in the classic cult movie “The Blob.” The theatre has undergone a massive renovation and is the crown jewel of Phoenix- ville’s growing arts and culture scene. New restaurants, like Sweet Brew, a coffee and bagel company, along with wineries, breweries, pubs, and shops dot the vibrant downtown area. continued on page 16C
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