Kimco Realty Trust to Move Forward with Apartment Building at Suburban Square in Ardmore

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Kimco Realty Trust is ready to move forward with apartment development at Suburban Square in Ardmore and expects to break ground late 2021 or early 2022. Image via The Philadelphia Business Journal.

Kimco Realty Trust is ready to move forward with apartment development at Suburban Square in Ardmore and expects to break ground in late 2021 or early 2022, writes Natalie Kostelni for the Philadelphia Business Journal.

This project will complete the more than $70 million effort to reposition one of the premier shopping centers in the region.

The 150-unit building will be constructed across from Ardmore Farmer’s Market and will also have between 10,000 and 15,000 square feet of retail space.

The company is currently in the process of completing the entitlement process with Lower Merion and finishing up construction documents.

“We identified years ago that there was a strong multifamily play here,” said Tom Simmons, president of the Mid-Atlantic region for Kimco.

The company purchased Suburban Square thirteen years ago for $215 million. Since then, the 360,000-square-foot center has been expanded to 390,000 square feet through the additions Kimco made.

“Suburban Square is one of our signature assets and it’s an asset that we’re very motivated to put additional capital into,” said Simmons. “It’s a tremendous focus for us.”

Read more about Suburban Square at the Philadelphia Business Journal by clicking here.

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