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Developer makes inroads on $100M project in Conshohocken

Keystone Property Group has finally received zoning approval to move ahead with a more than $100 million mixed-use project called Sora West.

Conshohocken’s commercial development has occurred in spurts that are defined by the projects themselves — from Four Falls to the Tower Bridge office towers and later the Millennium Center that turned the focus to the borough’s once industrial riverfront.

Three years after broaching an idea to develop a prime area along Fayette Street at its corner with West Elm Street, Keystone Property Group has finally received zoning approval to move ahead with a more than $100 million mixed-use project called Sora West that will define a key gateway to Conshohocken.

The lengthy time it took to get to this point — which involved revamping a slightly more ambitious plan and getting some new borough council members up to speed — didn’t surprise the developer. Also, Sora West is composed of multiple components that add an extra layer to the overall process.

“It’s a very complicated project,” said Rich Gottlieb, president of Keystone. “It’s more complicated than anything that has been done in Conshohocken in the last 17 years.”

While Conshohocken has seen transformative development over the last two decades, Sora West has several moving parts in a tight area bounded by Fayette, West Elm, West First Avenue and Robinson Alley. It’s a highly visible, busy intersection at the foot of the Fayette Street Bridge.

The project, which will be done in two phases, involves: redeveloping a historic firehouse dating back to 1874 into brew pub; eventually tearing down two office buildings and constructing two new office structures. One will total 245,000 square feet of which 11,800 square feet will be dedicated to restaurant space and 1,900 square feet will be retail. The other office building will total 223,000 square feet and have 3,500 square feet of retail space; a 171-room hotel that will have 13,700 square feet of restaurant and retail space on an undeveloped parcel at the corner of Fayette and Elm; and building an eight-level parking garage with nearly 1,000 spaces.

The developer is also exploring whether a multifamily component should be part of the project. The project will include an undeveloped portion that will be a public gathering area and provide space for outdoor dining as well.

“This is a classic mixed-use project,” said Michael Brookshier, who is vice president of development at Keystone.

Its multiple components are what help make Sora West fit into what is an already dense urban environment, Brookshier said. While Sora West seeks to become a destination, it could also be a catalyst for additional development activity in areas where there is none.

Though it took three years to get it from concept to approval, Sora West is still going to take more time before getting out of the ground. The developer needs to get preliminary and final land development approvals. In the meantime, Keystone is talking with interested hotel operators and faces a lot of competition when it comes to new office buildings in Conshohocken. A handful of other developers also have shovel-ready office projects of varying sizes that are in need of tenants before they move ahead.

Read more here:
http://www.bizjournals.com/philadelp...roject-in.html