Rodin Square, the highly-anticipated $160 million mixed-use development in the Art Museum neighborhood, won't be finished until later this year, but local developers are already citing it as a model example of what all commercial corridors should be. At an event yesterday about the future of City Avenue in Bala Cynwyd, Keystone Property Group's president and CEO Bill Glazer said Rodin Square's success at turning the site into a strategic gateway to live, work, and play is something he wants to mimic in Bala Cynwyd.
"Rodin Square did it with three acres," Glazer said. "We have 12."
With Keystone's recent purchase of the GSB Building on City Avenue earlier this month, the company now owns five Bala Cynwyd properties on a flat, 12-acre site. While a most of the properties are office buildings that will undergo renovations, 150 Monument is on track to become the first mixed-use development in Bala Cynwyd.
A vacant 6-story, 125,783-square-foot office building currently sits on the 150 Monument property and will receive some minor facelifts both on the exterior and interior. Keystone also plans to build an apartment building with 206 units and a four-story parking garage with commercial space. There will also be multipurpose trails leading to recreation areas to the north of the buildings.
Glazer acknowledges that in order for City Avenue to succeed, it needs new jobs and updated infrastructure. In particular, one anchor tenant that will attract talent and ultimately more retail to the area. Currently, about 600 businesses are in located in Bala Cynwyd, including 6ABC, Target, Lord & Taylor, and Philadelphia Insurance Companies.
Said Glazer, "We can't build a 21st century corridor on 20th century infrastructure."
· Keystone Property Group Buy GSB Building for $46M [Curbed Philly]
· Rodin Square Coverage [Curbed Philly]