Townhouses, apartments, Victory Brewing rising in Kennett Square
By Kim Chiomento, Correspondent, The Times
KENNETT SQUARE — Just off of W. Cypress Street and Mill Road, Magnolia place has piqued the interest of onlookers for over a year. Those driving or walking by have watched the site steadily evolve; quickly erasing memories of the former, desolate Shur-Fine Supermarket property. First, there were glimpses of townhome models and, most recently, the large four-story building abutting Cypress Street.
Eddie Riggin, Broker, Re-Max Wilmington, says the Cypress Street building’s design “is a terrific multi-use space featuring 8,500 square feet. The first floor will house Victory Brewing Company’s newest location scheduled to open this October. The three stories above Victory will feature 33 luxury apartments that overlook the heart of Kennett Square Borough.” Apartments will vary between one or two bedroom designs, or, an open-air loft style floor plan.
To date, 15 townhomes have sold with price points of $326,000 through $500,000; and are expected to generate tax revenues of $5,500 – $7,500 annually, depending upon the price of the unit. The final community plans include 79 townhomes.
When asked about amenities that Magnolia Place will offer its residents, Riggin explained “It is designed not to be a separate community from Kennett Borough…Magnolia Place will feel like a part of the Borough and that it belongs. The improvement of the former Shur-Fine commercial space will enhance the entire Kennett community, not just Magnolia Place. There are no pools, clubhouses, etc.; however, there will be a lovely center green in the neighborhood.”
Magnolia Place residents will have easy, walking distance access to all of the vibrant businesses, restaurants and activities featured in historic Kennett Square Borough. Riggin also explained, at the back of Magnolia Place near Mulberry Street, the Kennett Township biking/walking trail will eventually be built according to future Township plans.
Long-range plans also include the development of the land on the opposite side of Mill Road. This project will include 3-4 additional multi-use buildings featuring retail, office, and restaurant space. Riggin expects that that preliminary work will probably start within the next year.
For additional information visit: www.kennettmagnolia.com