Most of the Greystone Hall property in West Chester has been sold to Reiser Land Development, which intends to build a residential subdivision on the land, writes Natalie Kostelni for the Philadelphia Business Journal.
So far, Reiser has paid the Jerrehian family $38 million for the first tract of the land and is expected to pay around the same for the second tract, bringing the total to $75 million. The development of 598 houses is expected to cost up to $450 million.
However, the transaction does not include the Greystone Hall mansion, built in 1907, and its surrounding 40 acres. The family has retained ownership of the house, which has a wedding venue on the first floor, and a private residence above.
Recently, similar developments in the region have been met with significant resistance. But turning the Greystone Hall property into a residential community fits nicely with Chester County’s long-range land planning.
“While people don’t like to see change or development, Chester County is a growing county; this is a growth area and an ideal location,” said David Ward, assistant director of the Chester County Planning Commission.
Read more about the Greystone Hall property in the Philadelphia Business Journal here.