Three properties in the heart of Ambler have been purchased by real estate firm Station Partners for $1.15 million from the Daniel G. Ritter Trust, writes Natalie Kostelni for the Philadelphia Business Journal.
The new owner plans to raze the structures and erect a new mixed-use development in their place.
The three properties total 15,000 square feet and are currently occupied by the Pizza Box and eight more retail tenants along with two residential units.
The 25,000-square-feet site is within walking distance of the Ambler train station and takes up roughly a block.
The plans for the new development called Ambler Station are still being worked on. The developer plans to build apartments and townhouses over retail space.
“All of the existing structures will be demolished and existing tenants will be given preference for leasing the newly developed space,” said Marc Policarpo, a principal with Station Partners. “Development plans are in a very early stage.”
The firm is now planning to present its preliminary plans to Ambler Borough officials. The approval process is expected to last about two years.
Read more about the purchase at the Philadelphia Business Journal by clicking here.