Promenade at Upper Dublin, a $200 million BET Investments project that was nearly five years in the making, welcomed its first residential and retail tenants this month, writes Natalie Kostelni for the Philadelphia Business Journal.

Despite the ongoing pandemic, the Dresher-based developer has made progress in the leasing of both its apartments and retail space. Out of 402 apartments, 85 have been leased so far with no concessions. Meanwhile, Sprouts Farmers Market has opened its doors in the development’s retail area.

For the apartments, rents range between $1,500 and $2,327 for studios and between $2,519 and $5,892 for two-bedroom units. The average rent per square foot is $2.41.

The pace of renting the apartments came as a surprise to Michael Markman, president at BET.

“I would have been very happy if we were 10% leased at this point,” he said.

Instead, when renters started moving in on October 1, it was double that.

Now the project is complete, BET is looking at other sites in the region that could accommodate a similar mixed-use development.

“We are hunting like mad,” said Bruce E. Toll, CEO of BET.

Read more about the Promenade at Upper Dublin at the Philadelphia Business Journal by clicking here.

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