Long-Term No-Dice Pushback on Limerick Casino at Last Yields to Intended Less-Risky CRE Gamble

buildings from above
Image via Lee & Associates at the Philadelphia Business Journal.
The Philadelphia Premium Outlets in Limerick (top) and the present land holdings of Metropolitan Commercial Development, a Berks County CRE firm.

A Limerick site — 116 acres across from the Philadelphia Premium Outlets — has been purchased by an undisclosed investment firm in N.Y. Ryan Mulligan landed the assignment reporting the sale in the Philadelphia Business Journal.

The lot, off Route 422 and in the shadow of the Constellation Energy Limerick Generating Station, went for $23 million.

Its unknown purchaser obtained the deed from Metropolitan Commercial Development (MDC), a Berks County commercial real estate developer.

MDC paid the same price for the land in 2021, when its seller was Boyd Gaming Corp., the Las Vegas hospitality titan.

Boyd’s vision for the open space was a $350-million casino with 3,000 slot machines. That intention went bust in 2006 when the Limerick Township Board of Supervisors and residents protested it publicly.

MDC’s intended use is as an industrial park comprising one million sq. ft. of warehouse and distribution space. How many buildings will arise to provide that capacity has yet to be determined.

In fact, many of the MDC details remain fluid at the Limerick site, absent an official proposal submitted to township officials.

What is known is that over the years MDC announced intentions for several other Limerick Township projects: apartment buildings, a car wash, retail space, and a convenience store/gas station. Some are also adjacent to the Premium Outlets location.

They are still under review, as noted in the Philadelphia Business Journal account.

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