A vacant office building in Exton has been redeveloped into a suburban rarity, an apartment building with 24 studio units and eight single-bedroom apartments, writes Joseph N. DiStefano for The Philadelphia Inquirer.
Ownership of the building rests with a group led by local real estate lawyer David McFadden, broker John McGee, and investment partner Chiu Bai. The group hopes Flats on 100 will serve as a template for redeveloping orphan office buildings throughout Great Valley and in other suburban office, industrial, and retail areas.
The trio purchased the 53-year-old building and grounds at 19 N. Pottstown Pike for $1.5 million in 2023 from Kelsch Disability Services, which they considered to be a bargain.
“Office buildings are being given away these days,” said McFadden. “What do we do with them when there’s no demand for office space? At the right discount, developers can afford to turn them into something sustainable that people want.”
The group opted to turn the 30,000-square-foot property in Exton into hotel-apartments, offering “a place that feels like home, with the amenities of larger buildings but a boutique feel,” he added.
Read more about Flats on 100 being developed from a former office building in The Philadelphia Inquirer.
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