BET looks to invest $100 million into Granite Run Mall Project

Since my last update about the Granite Run Mall a few months back, not much has drasitcally changed to the overal plan, but there are some updates.  First and foremost, BET is looking to flat out invest $100 million into this project.  That'll entail entertianment, retail and apartments within the 57 acre footprint.

The Pointe at West Chester

The big sell for this project are the two apartment buildings that will make up 388 units.  What was shared this evening included what these apartments would look like.  Two examples were provided: The Pointe at West Chester and The Mark at Dulles Station in Virginia.  Both considered higher end apartments with nice amenities targeted for the professional crowd.  Average projected rent for these units was in the $1,600 range for one and two bedroom models.  There won't be any three bedroom layouts.

If approved, the height of these apartment buildings are expected to be about 55' high with concealed parking and retail on the ground level.  Interesting concept, but typical of the development being done for these types of projects.  I was interested to hear that BET has over 4,000 apartment units and they are confident that their proposed setup can work here.  They also are advocating a walkable community with a heavy emphasis on landscaping. 

Passive transportation was brought up, but mostly from a conceptual standpoint that does include connectivity to the proposed train station where the Septa rail line intersects with Baltimore Pike.  That's way off in the future, but good to know these things are being taken under consideration.

As for businesses interested, I'd have to imagine there are quite a few.  Starbucks and Chipotle are apparently in talks and many retailers too.  There will be a few stand alone restaurants, but no word yet on who they might be. 
 

Potential view from Balitmore Pike of Apt Bldg.

Those who are interested in what will happen to JCPenny and Sears, which are the current anchor stores; well, they're here to stay for now.  However, with recent reports of the financial difficulties these stores are having, they may consider packing up and leaving.  Sears reported a loss of nearly $1 billion in the first half of this year and has also closed 95 stores.  JCPenny isn't doing much better.  BET did say that if these companies left on their own accord, that they would aggressively court new anchor tenants.  Boscov's is doing better and is staying.

If things are approved in a timely manner, the demolition could begin in 2015.  The finished project could take a few years, but overall I think the plan has been well received, but understandably with a bit of caution.  Truthfully, there's not much of an alternative.