Keystone Property Group Eyes “Significant” Mixed-Use Possibilities in Bala Cynwyd Deal
One Belmont Avenue: This surface parking lot might soon become something more useful and vibrant. || via KPG
The corner of Belmont and City Avenue could look a lot different in the coming years, as Keystone Property Group (KPG) announced the purchase of One Belmont Avenue, an 8-acre office building property in Bala Cynwyd, this week.
KPG said through a press release that they’re “planning significant upgrades” to the building, which is often referred to as the GSB Building, due to its highly-visible signage and former life as the home of Germantown Savings Bank. The statement shed further light on the plans: “Proposed renovations include: new elevators, an upgraded HVAC system, enhanced lobbies and restrooms, and an improved parking structure.”
Natalie Kostelni of the Philadelphia Business Journal reports the sale is for an estimated $46 million, and the renovations will add $13 million onto the investment from KPG, who now owns five buildings along City Line Avenue.
Beyond the refurbishment of the office building, it looks like Keystone is thinking bigger for that space, as in reimagining the massive surface parking lot on the highly trafficked corner into a something more “significant.”
“We’re excited to revamp this iconic asset to make it a more up-to-date and engaging place to work,” said Richard Gottlieb, senior vice president at KPG, in the release. “But, perhaps even more exciting is the potential for the addition of a dynamic mixed-use component on the property, thanks to development opportunities afforded by the new City Avenue Zoning District.”
KPG acquired the property from Maguire & Partners, a Bale Cynwyd based firm that had purchased the property in 2004.
- Keystone closes on GSB building, considers mixed-use development at site [Philadelphia Business Journal]
