Revere - Generations of Building Relationships

AUGUST 26, 2008
Unanimous Vote of Abington Township Commissioners Offers New Potential Framework for Community Development

 Abington, PA – On Wednesday, August 20th, a unanimous vote of approval among developers, community members and Township officials paved the way for a new framework for the development of 10 acres of industrial property in Abington Township. The agreement could lead to more than $25 million of new investment in a mixed-use property in the Kenmore section of Abington.

Duke Real Estate Partners, an affiliate of the Revere Suburban Realty Corporation, submitted a Mapped Overlay District and Conditional Use Application, along with hundreds of pages of traffic, architecture, environmental impact studies.

“This is certainly a most unique and exciting development opportunity for Abington Township,” commented Carol DiJoseph, Chair of the Abington Board of Commissioners. “We have opened the door for a new model for development, where community members and property investors are engaged in constructive dialogue about shared priorities.”

The story began when Duke Real Estate Partners, an affiliate of Revere Suburban Realty Corporation, purchased an 8.5 acre industrial site in need of redevelopment. The previous owners, the Willard Company, had once been a subsidiary operation of the ill-fated Enron Corporation, and had struggled for years to shed assets and return to profitability.

“The location of the property did not lend itself to industrial redevelopment,” explained Stanley A. Casacio, one of the investors in Duke Real Estate and a principal owner of Revere Suburban Realty Management Company. “We initially thought that a retail development would be appropriate for the site, but the community wanted a different kind of development.”

That’s where the Greater Glenside Civic Association (GGCA) became part of the story. “We didn’t organize solely to oppose development,” explained Rob Eyre, the President of the Association, “but to create a positive outcome.”

Negotiations included the direct involvement of a wide range of community officials and leaders, including members of the County and Township Planning Commissions and State Representative Josh Shapiro.

“I commend the developers for working closely with the community to ensure that the development at Willard will be in keeping with our neighborhood and an important economic engine and job creator for our region,” stated Representative Shapiro. “I also want to complement Commissioner DiJoseph and the Abington Township staff for their outstanding efforts to make this happen.”

The new framework provides for a flexible set of development options, creating a mixed use overlay district that the developer can use to better market the property. Potential uses include medical and professional office space, a fitness center, a bank, a small restaurant and retail component, as well as space for professional schools and other community uses.

“What we liked about the outcome was that it allows us to flexible in marketing the property,” commented Mr. Casacio. “We are not locked in to one specific outcome, but can now combine various uses to maximize the value for us as investors.”

At the same time, agreements negotiated by the township and the developers establish protections to ensure the development retains the neighborhood’s community character.

Abington Township was founded more than 300 years ago as an area dedicated to farming. It has grown into a bustling suburban community complete with excellent medical, educational, and public facilities. The community was recently voted one of the top 100 places to live in the United States according to Money Magazine. For more information about Abington Township, visit www.Abington.org.

Revere Suburban Realty Corporation is a family owned property management company with more than 50 years of history in administering multifamily, commercial and retail real estate. Through its affiliate companies, such as Duke Real Estate Partners, the company also manages new developments and construction projects. More information about Revere and its affiliates can be found at www.myrevere.com.