King of Prussia is well known as a shopping mecca by many, and now developers are betting on it becoming known for upscale living spaces as well.
While the retail portion of the Village of Valley Forge has been embraced by shoppers and diners, the next frontier at the mixed-use community is the various multifamily projects that have already started to open and are expected to accelerate in coming months as they get completed, writes Natalie Kostelni for the Philadelphia Business Journal.
When Dennis Maloomian of Realen Properties, the master developer of the Village of Valley Forge, planned the project, he figured he needed just a small percentage of the 60,000 daily commuters to Upper Merion to give up driving to work and rent an apartment there. Early indicators show that seems to be the case.
At build out, the Village at Valley Forge is expected to have upwards of 2,500 residential units of which more than half are in various stages of construction. Renters have been moving into some of the new developments that have already opened. One of the projects nearing completion that will test the depth of a specific segment of the market is Canvas, a 231-unit apartment complex catering to renters who are 55-years-old or older. It is being developed by Bozzuto Group and the Carlyle Group.
Bozzuto believes there will be strong demand from people already living in the King of Prussia area who want to downsize and be in the Village at Valley Forge or even the commuter working in the area. For a 748-square-foot unit, monthly rents start at $2,214 and an 1,138-square-foot unit starts at $3,074.
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