The vacant Collegeville Inn in Montgomery County is under contract to be purchased by a developer with two options on the table for the landmark location.
Two residential/retail proposals have been presented for the nearly 20-acre property overlooking the Perkiomen Creek
, according to Lower Providence Township manager Richard Gestrich, the Times Herald of Norristown reported
“There were two options. One option was a 9,000-square-foot retail center near Germantown Pike, three-story walk-up apartments with 162 units in eight buildings and 46 town homes in separate buildings,” Gestrich said. “The second option was a 6,000-square-foot retail center and 115 two-story townhomes.”
The apartments proposal would appear to require a zoning variance, while the townhouse concept would not, the Times Herald report said.
The former restaurant, catering and banquet facility is about 37,500 square feet. About 16 acres of the property is zoned for high-density residential development.
M&T Bank, which holds the mortgage on the property, agreed to sell to The Buccini/Pollin Group, a real estate acquisition, development and management firm based in Delaware. The purchase price was not disclosed.
Buccini/Pollin is already active in Montgomery County, managing office buildings in Conshohocken, Horsham, Willow Grove and Plymouth Meeting.