“Sanatoga Springs” will be the name of a new commercial and residential real estate development surrounding the Philadelphia Premium Outlets just southeast of Sanatoga village, the Philadelphia Inquirer reported today (Aug. 29, 2008).
The developer, O’Neill Properties Group LP, reportedly paid $17.5 million for a 66-acre parcel in neighboring Limerick Township where the project will be built. O’Neill’s website for the project, www.sanatogaretail.com, says that when fully developed Sanatoga Springs will include about 500 acres. Company President Brian O’Neill described the development’s land as a “doughnut” that surrounds the outlet shopping center.
O’Neill hopes to first attract stores, theaters, restaurants and a hotel to Sanatoga Springs because of the area’s increasingly favorable demographics. Its website notes that 100,000 people live within 5 miles of the site, accounting for $1.5 billion of consumer spending. About 75,000 cars pass by the site daily, it adds.
As an opening salvo, O’Neill’s “Premium Gateway at Sanatoga Springs” is planned to include about 1 million square feet of retailing space. An estimated 300,000 square feet of office space, and up to 750 apartments – what O’Neill told The Inquirer was “age-targeted” housing for young professionals and aduts age 55 and older – would follow in later stages.
This article also was published at JoeZlomek.com