Monday, September 23, 2013

BET Investments (Toll Brothers) Buys Granite Run Mall - Plans Mix Use

SOLD
As I mentioned a few weeks ago, there was eminent news about the future of the Granite Run Mall. Today it's official, BET Investments a real estate investment group owned by Toll Brothers have formally announced the purchase of the Granite Run Mall.

You can read further about it here.

32 comments:

  1. Michael Jordan, MediaSeptember 23, 2013 at 2:30 PM

    There goes the neighborhood.

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  2. Toll Brothers?????????????? Yuck!!!!!!

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    1. YuCK!! I'd rather have the current POS that's currently devaluing the surrounding area daily.

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  3. Its not that bad. Give it sometime. Bet will bring back to life.

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  4. How many McMansions does Bruce Toll have in mind to squeeze into this wonderful property?
    A whole lot.

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  5. Why didn't Media Real Estate buy it for a Super Wawa and other businesses.

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    1. Media Real Estate doesn't have the Toll Brothers' wallet.

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  6. So this is or isn't s knock-down situation?

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  7. Wawa shoulda bought it for their new offices They got alot more monet than Toll bros and it could be a REAL SUPER WAWA

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  8. I'm happy to see anybody do anything with the mall property as long as it doesn't include housing and remains a for-profit property. We cannot afford the property tax hit otherwise.

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    1. MediaMike lives in a bubble. Toll Brothers is housing. McMansions.

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  9. Forget the Franklin Mint - there's your new Middletown Town Center for ya!

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  10. What does this mean? Does the mall get knocked down and replaced by other buildings? I don't understand "mixed use".

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    1. I agree. I don't understand whether this means knock down and start over, or an attempt to "revive" the distressed asset with incremental changes around the edges. Also, Toll Brothers has moved well beyond McMansions. See Naval Square in Philly, where another full block of townhouses and condos is going up around 25th and South. The mall location, if develoepd from scratch, would much more likely look like that than a development of large single family homes.

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    2. Toll Brothers is going to roll the bulldozers out and start from scratch. Everything they do is top drawer. Goodbye, Franklin Mint Town Center.

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    3. @Anon 9.24 4:09 PM and Anon 9.24 9:44 AM:

      I like what you're saying in the context of building the whole town center (sans homes unless they're 55+) at Granite Run in lieu of the Franklin Mint project. Middletown just did some nice work with preserving the bulk of Mineral Hill, possibly we could get a collaboration between Middletown, Natural Lands Trust, and Wawa to purchase the Mint property from the failed developers and expand the existing Wawa Preserve.

      The open space would be saved and a decent set of property tax paying stores pop up.

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    4. Bruce Toll is too smart to put McMansions on this site, MediaMike. Townhouses, I predict.

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    5. @anon 5:58: I'd rather have the McMansions because the property tax revenue on those would far outstrip the risk of a net negative on everybody's school tax bills. RTMSD has more than enough housing inventory, why add to it at the expense of the tax base?

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  11. Reedman Toll Auto World is coming to Granite Run Mall. Just drive up to Langhorne, Pa. A world class dealership to serve our area.

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  12. it seems crazy to me that they would demo 85% occupied assets like the main mall structure, kohls, or acme buildings. If they're saying mixed use, I'd guess that they'll build on the Chili's plot; add detached restaurant(s) around the mall in the parking lots; possibly demo/replace the movie theater/friendly's, or Sears auto structures. If anything, Plymouth Meeting Mall + Condos is probably the most likely comparison - not razing everything for a town center like concordville.

    This seems to be a better use of Middletown's resources then adding even more retail floor space at the Franklin Mint property. I know that industrial tenants for the mint site were never found, but certainly, a nice office park seems reasonable, or maybe some sort of fulfillment center(s)? Does Wawa have any interest? Whatever happens, somebody should try to keep the big bronze mint medallion as a historic artifact - would be a shame to see it scrapped.

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  13. Highlander put up your money then you can be a town planner. Money talks and BS walks. The owners are going to do what they want to do.

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  14. Wegmans would fit at Granite Run Mall , and the residents living in the Toll McMansions near Bromall's Lake (bridge out for 18 years) wouldn't have to come into Media.

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  15. Granite run mall was one of the coolest mall to hang out when you were a kid. It had every thing in the mall you can think of two arcade three record stores skateboard shops pets shops johnny hot dogs, burger king Roy Rogers Mc Donalds a bakery toy stores a motorcycle shop. cars shows,rock band bands playing in the parking lot night clubs gyms, even a swimming pool. It had everything.

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  16. BET Investments isn't Toll Brothers they are two completely separate companies, do some research on the company before you make highly uneducated comments. They have a website.

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  17. Bet investment Bruce e toll is the bother of toll bothers. Hes the one that started tolls bothers he has his own company to. Bet investments is the one that bought the mall not toll bothers.However bruce toll is still is the vice president of toll bothers somewhat. He more of the investor with hes own company and toll. Bet investments is the one that bought the mall and is the ones that are going to fix and redevelop the mall not toll bothers. Two different companies.

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  18. That mall is windowless and depressing like an old failing casino. Hope they knock all of it down.

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    Replies
    1. Michael Jordan, MediaSeptember 27, 2013 at 4:32 PM

      Toll Brothers didn't buy GRM, they stole it. Disagree with Anon 4:47. GRM is a great design. Lots of light coming in. All the roads of ingress and egress are already there. It is good for Toll Brothers and good for Delaware County.

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    2. Michael - You're right. GRM could be a great Middletown destination - shopping, banking, library, post office, health care. Great access.

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  19. Casino would be nice. A nice money maker for bet investments.

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  20. Toll Brothers are going to do it right. We should thank our lucky stars they are the developers. Just look at all the undeveloped properties in Media. Starting with the 18 year debacle of the 3rd Street Bridge. And the undeveloped "Hotel."

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  21. Here's what could be done with Granite Run. http://urbanland.uli.org/Articles/2013/Jun/MyersUrbanizingMalls

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