VERUS DEVELOPMENT ASSOCIATES
Creating The Space You Deserve
REPRESENTATIVE RESIDENTIAL PROJECTS
ARDMORE CROSSING
Residential • Ardmore, PA
Successful re-zoning
53 senior apartments
31 town homes
Summary: 84 apartments and town homes
Year Built: 2005-2007
Opportunity
Property was in significant disrepair and vacant five (5) years.
Prior environmental contamination required Endeavor to secure ACT 2 Release of Liability for residential.
School District proposed relocation of bus fleet to this location which angered residents of the surrounding neighborhood resulting in an action committee being formed.
Resolution
Verus proposed a residential development of sixty (60) market rate townhomes which was permitted under existing zoning. Verus soon realized that regardless of a “By-Right” plan that significant changes would be required to reach a consensus with the neighbors.
The community desperately wanted affordable senior housing. Verus successfully acquired the necessary expertise through a joint venture with an affordable housing partner and secured housing investment tax credits that subsidized the development of a 53-unit senior apartment building. In addition to the senior rental building, Verus secured approvals for thirty-one (31) market rate town homes.
Verus needed to introduce a new ordinance amendment to the Lower Merion Zoning Hearing Board allowing for increased density in developments that provide a portion of the units as affordable.
Verus worked in conjunction with Lower Merion Township and School Board as well as Montgomery County to secure Tax Increment Financing (“TIF”) allowing five (5) of the market rate town homes to be offered for sale to first time income qualified families at more than fifty (50%) below market value.
The Seller (PECO Energy) was able to sell a deteriorating contaminated surplus property for an attractive price.
Verus worked cooperatively with local residents to help them realize their dream of finally removing an industrial eyesore from their residential community, and created a vibrant inter-generational mixed income residential community. Verus delivered on its promise to provide affordable senior housing, subsidized town homes for five (5) income qualified first time home buyers, and market rate town homes for the growing Township population..
Verus received a smart growth award from Montgomery County in 2009 known as their Revitalization Award.
CAMBRIDGE SQUARE
Residential • Ardmore, PA
Successful re-zoning
55 Unit – 2 phases
28 unit luxury condominium in phase 1 is 100% sold
Summary: 85,000 square feet
Year Built: 2007
Address: 121 Sibley Ave, Ardmore, PA 19003
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Opportunity
The property which had been owned by a single family for nearly 100 years had become functionally obsolete. The building was in a serious state of decay posing real safety concerns for both the occupants and the community at large.
The property, located in Ardmore did enjoy an excellent location adjacent to one of the area’s most successful suburban shopping malls known as Suburban Square.
Resolution
Verus realized that the property’s location adjacent to high-end shopping and nearby transit would be an ideal location for upscale luxury residential condominium development. While residential was permitted under current zoning the property was split zoned with approximately fifty (50%) of the site zoned in such a manner that it severely impacted allowable density.
Verus petitioned the Lower Merion Zoning Hearing Board requesting that the site be re-zoned allowing the more favorable zoning district be applied to the entire site. Successful in our petition, Verus increased density by approximately fifty 50% allowing for 28 luxury condominiums plus enclosed parking under the building for 64 cars on a parcel that was roughly ¾ of an acre or approximately 42 units to the acre. This increased density created the necessary value to allow Verus the opportunity to remove another in-fill blighted property from the community to make room for an exciting architecturally significant new condominium development. Designed in the image of a century old warehouse this new development has been mistaken by many thinking this building had been there for over a century which was a goal of the design.
Benefit
Verus was able to assist a family wanting to diversify an estate and help liquidate a significant asset.
In acquiring the property, Verus helped transform a deteriorating blighted property from the community and create an exciting transit oriented luxury residential condominium. Through our continued focus on in-fill suburban properties, Verus is helping preserve the limited open space that exists by adding new homes without destroying the precious little remaining green space.
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HARBOR POINT
Residential • Tinicum Township, PA
250 Market rate apartments
More information coming soon.
PAOLI TOWN CENTER
Residential • Paoli, PA
500 mixed-use TOD residential in process.
Project to include both market rate plus senior apartments plus town homes.
ROSE GARDEN
Residential • Paoli, PA
30 unit townhouse project
Transit Oriented
In progress
Rose Garden is a walk-to everything community of residences with approvals in progress. Assembling 4 parcels, each with a separate owner, takes a great deal of patience and skill. Add to that managing the approval process during the acquisition period and you have a project that requires the highest level of experience and understanding of today’s land development culture. Verus in conjunction with several partners is pursuing final approvals for this exciting new townhome development in the heart of Paoli.
THE LANDINGS
Residential • Bensalem, PA
510 Senior apartments and townhouses.
More information coming soon.