The Pennsylvania Real Estate Investment Trust has sold an undeveloped parcel of land known as White Clay Point in New Garden Township to JPMorgan Chase for $11 million, writes Richard Gaw for the Chester County Press.

It is still unknown if the new owner plans to establish bank operations on the site or if the plot will be used for other purposes.

According to Steve Allaband, chairman of the township’s Board of Supervisors, a JPMorgan Chase subcontractor recently visited the township, presenting a preliminary idea for a mixed-use project. The development would feature over-55 residences, single-family housing, and commercial space that would span between 150,000 and 200,000 square feet.

“The initial thing I saw about the plans were that they would take up far less impervious coverage than the PREIT plan,” said Allaband. “At one time, PREIT was looking to develop one million square feet, and this proposal would develop about 800,000 square feet less space.”

He also said the proposed plan would have significantly lower environmental impact on water quality. Meanwhile, its community rather than regional draw would reduce possible impact on traffic along Route 41.

So far, no formal presentation of the plan has been made to the township.

Read more about the sale in the Chester County Press here.

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