By Frank Sinatra, AAP Editor
After over a decade of false starts, the land which once held the Pennsauken Mart has been sold, turning a longtime vacant lot into the starting point of new development in the Township.
In early April, the Camden County Improvement Authority sold the property to Willingboro-based Delco Development, LLC for $6.2 million. A portion of the proceeds, $3.1 million, went back to the Casino Reinvestment Development Authority, which provided a $12.5 million grant for the project back in 2006.
“The entire Township Committee was excited to hear of the completed sale of the site of the former Pennsauken Mart to Delco Development,” says Pennsauken Mayor John Kneib. “The Township administration looks forward to working with Delco Development on the next chapter of this property, which will play an important role in Pennsauken’s future growth.”
Initial plans call for the construction of approximately 250 units of one- and two-bedroom apartments on the 35-acre property, with the potential of more units or even townhouses to be added in the future. The complex will be targeting young professionals commuting to and from business hubs such as Philadelphia, as well as working couples with no children and newlyweds. There are also plans to make the site a mixed use property, with the inclusion of several retail stores.
“The redevelopment of the Mart site would mean a lot to the Pennsauken community,” adds Kneib. “Aside from the economics, you’d be bringing young professionals into town; as they grow in their careers, maybe they start up a business here. Young couples who start out at this property, maybe they’ll buy a home in Pennsauken and start a family. This is a win for Pennsauken, no matter how you look at it.”
According to an interview in the Press of Atlantic City with Thomas Juliano, president of Delco Development, the firm plans to break ground in the fall, with construction to be completed in 18 months.
Delco Development, LLC specializes in real estate development and management and has a wide variety of properties in its portfolio, including Jackson Center, Village at the Greens in Marlton, and the property that houses the Aloft Hotel in Mt. Laurel, among others.
“I think I speak for the majority of the Pennsauken community when I say I can’t wait for the construction to begin,” says Kneib. “And the good news is that’s going to happen sooner rather than later. The days of driving past a giant empty lot are going to be over.”
