A plan is brewing to craft 175 new luxury apartments close to Victory Brewing Co. in Kennett Square, along with a pub-style restaurant on the main floor and a patio, garden and fire pit on the roof.
West Chester’s StanAb Real Estate Development Co. has pitched the idea for a four-story complex called The Lofts at State Street to rise from the Kennett Motors site on the 600 block of State Street, according to a Southern Chester County Weeklies report.
“Except for Magnolia Place, there are few other choices (for rental housing),” StanAb Executive Tony Stancato said in the article. “The lure of Kennett Square is that it has walkable amenities, and there are many businesses wanting to come to Kennett. Demand for rental has been increasing, with those ages 20 to 34 holding off buying decisions for many reasons. Kennett Square is an underserved market for rental housing.”
Kennett Square is currently experiencing a boom in business and tourism.
“It’s unbelievable how many people are coming into my office looking to put a business or to move to,” city zoning officer Rusty Drumheller said in the article. “It’s just unbelievable.”
StanAb’s new focus comes on the heels of finishing its similar 60-unit Chestnut Street Lofts in West Chester last year. Kennett Square’s borough council has yet to rule on the proposal, which could prompt a rezoning of the current C-2 district.
Read more about the proposal and the market research behind it in the Southern Chester County Weeklies here.