Revere - Generations of Building Relationships

APRIL 4, 2011
REVERE SUBURBAN REALTY SHOWCASES SWITCHVILLE CROSSING

Published: Saturday, April 02, 2011
By Shabria Davis
Staff Writer - Glenside News Globe Times Chronicle

Real estate brokers from several area firms gathered at the Keswick Theatre March 28 for a presentation by representatives from Revere Suburban Realty in regard to the new professional medical building at Switchville Crossing, located at Highland Avenue and Wharton Road in the Jenkintown section of Abington Township.

Revere Suburban Realty broke ground on Switchville Crossing in May 2010. LA Fitness, the project’s anchor tenant, opened its doors to customers Dec. 3.

According to Brian Regli, CEO of Revere Suburban Realty, the fitness center has already met expectations for membership in just four months.

Regli expects phase two of the project, the three-story medical office building, to be open for business in May 2012.

He said the real estate conglomerate decided to host the event for the brokers because it was the best way to introduce the project to the community.

“We believed the brokers were the best entry point,” Regli said. “We thought it was best to start with the people who are directly dealing with the customers.”

Stan Casacio, senior director of leasing at Revere Suburban Realty, said it was important to hold the event so the brokers could get a sense of the relationship between the community and the local government.

“We are here to make money, and in order to do that we have to make a partnership. That partnership is between the developer, broker and the community,” Casacio told the group of brokers at the start of the presentation.

During the two-hour cocktail event, Regli and several township and county officials showed brokers the benefits of having clients bring their businesses to Switchville Crossing.

Carol DiJoseph, president of the Abington Township Board of Commissioners, informed brokers of the 10-year real estate tax abatement that is available to tenants of the Switchville Crossing project.

The Local Economic Revitalization Tax Abatement, or LERTA, is a tax abatement incentive to encourage improvements, rehabilitation and new construction to qualified commercial properties. LERTA applies tax abatement to the value of the increase in property tax assessment due to property rehabilitation or new construction.

DiJoseph said the Switchville Crossing project has been very positive for the township.

“This economic development has been a monumental step forward because they [Revere Suburban Realty] worked with our neighbors and community,” DiJoseph said.

She added that Abington is open for business and the board is willing to hear ideas from residents and business owners about new economic opportunities.

“We [the board of commissioners] appreciate anyone who wants to come forward with any ideas,” she said.

State Rep. Josh Shapiro, D-153, said the afternoon presentation was a chance for the real estate firm and township officials to showcase the great economic potential of Abington Township.

“The development will create jobs and opportunities for many people in the township,” Shapiro said.