A landmark building in Collegeville is about to receive a new lease on life as an assisted living facility, writes Natalie Kostelni for Philadelphia Business Journal.

The Collegeville Inn has been granted conditional use approval by officials in Lower Providence, which will pave the way for the property at 3974, 3976, and 4000 Ridge Pike to be developed by Providence Place Senior Living.

According to the township, the new facility will preserve the existing building while also constructing a new structure with spaces for up to 172 residents.

The development company, founded by former Pennsylvania Governor George M. Leader, already runs five senior living communities in Pennsylvania.

The property consists of three parcels comprising nearly 20 acres nestled at the crossroads of Ridge Pike, Main Street and Route 29. The inn itself totals 37,512-square-feet with 300 parking spaces.

This is not the first such facility popping up in Collegeville and the surrounding area, as the need for senior housing continues to grow with the population.

Some of the most recent examples include Brandywine Senior Living’s new facility at the intersection of Route 29 and Black Rock Road, as well as Atria Senior Living’s Landing in Collegeville.

Read more about the new facility at Philadelphia Business Journal by clicking here.