As MoreThanTheCurve.com has reported, KRE Acquisitions recently sought and was granted a series of variances in Whitemarsh Township’s zoning hearing board for a 598 unit apartment community straddling the border of the township and the Borough of Conshohocken at 401-433 Washington Street on the Schuylkill River.
The question left was what type of approval(s) from the Borough of Conshohocken the apartment community would need to move forward. We can now confirm that it is already approved due to a 2014 settlement agreement (pdf of agreement) between the property’s previous owner, a company associated with O’Neill Properties, and the borough.
The settlement agreement resulted from Conshohocken’s Borough Council denying a conditional use application sought in 2013 and O’Neill then filing a lawsuit. After the settlement, we spoke with former Borough Council President Paul McConnell and he shared that the borough had been able to slow full development of the property due to a condition within the settlement that required that the apartments be constructed in phases. The second phase which would constitute half of the 600 apartments could not be constructed until after October of 2017.
In an email response to an inquiry from MoreThanTheCurve.com, Conshohocken’s Borough Manager Stephanie Cecco wrote:
Yes, the court ordered settlement agreement for 401-433 Washington from 2014 is in effect. The new property owner, KRE, can proceed under that settlement agreement.
There are currently three apartment communities under construction above the Matsonford Bridge in Conshohocken. Closest to the bridge is the 304 unit The Birch at 51 Washington (expected to be completed in the fall of 2022). Just upriver and adjacent to The Birch is the 276 unit Matson Mill community (expected to be completed in the fall of 2022). Just off the river along West Elm Street is the 348 unit 400 West Em Street (expected to be completed in the fall of 2023).
If you are keeping count, that is 928 apartments above the bridge. The 598 apartments planned for the 401-433 Washington Street property will be below the bridge and bring the total number of new apartments hitting the Conshohocken market over the next few years to 1,526.