An extensive mixed-use project is planned for Bala Cynwyd later this year when Penn Real Estate Group breaks ground on Pencoyd Landing, an 11 acre development along the banks of the Schuylkill River, writes Natalie Kostelni for Philadelphia Business Journal.
The $50 million project will include two hotels, a restaurant, and a public square. It will also include the Penn Real Estate building run by Sean McCloskey and business partner, Donna Glavin.
The Marriott Residence Inn with 123 rooms will be the first addition, followed by another hotel of similar size. This redevelopment of the former site of Pencoyd Iron Works plant has been a long time coming for McCloskey.
“We are re-imagining and repurposing this part of the waterfront for the first time since 1852,” said McCloskey.
McCloskey’s vision is supported by other developers with nearly $500 million in new projects in different stages of development within a mile of the upcoming Pencoyd Landing.
“The river has been ready for development for a long time, but our highways have choked our rivers here,” added McCloskey. “What we’re looking to do is coalesce all of these interesting pieces together to create a dynamic waterfront.”
Read more about the future project at Philadelphia Business Journal by clicking here.