Due to the surge in development activity, close to 2,000 new residential units are expected to hit the Downingtown and Exton markets over the next few years, writes Natalie Kostelni for the Philadelphia Business Journal.
In addition to apartment complexes, townhouses and single-family homes are also being developed in the adjacent communities. The projects currently under way account for hundreds of millions of dollars in real estate investment.
The Hankin Group, one of the most prolific developers in the area, has been working on Eagleview, a mixed-use community for 30 years. In addition to Eagleview, Hankin has started three more projects nearby.
“There’s a lot of pent-up demand for it,” said Michael Hankin, chief operating officer at Hankin Group.
The biggest of the three is River Station, the redevelopment of the former Sonoco paper mill. The project is expected to cost more than $100 million to develop six buildings that will house 442 apartments, along with 14,200 square feet of retail space.
E. Kahn Development is also doing several projects in the area, including constructing 230 apartments on land it bought from the Philadelphia Archdiocese.