Investors have successfully transformed a vacant office building into modern hotel-apartments, a rarity in suburban Great Valley. This redevelopment, named The Flats On 100, features 24 studio and 8 one-bedroom units designed for extended stays. The project appeals to consultants and visitors working for local employers.
Project Overview
The development took place at 319 N. Pottstown Pike (PA 100), in a 30,000-square-foot building purchased for $1.5 million in 2023. The buyers, led by lawyer David McFadden, broker John McGee, and partner Chiu Bai, view this transformation as a model for revitalizing underused office spaces.
Investment and Financing
- The building was broker-rated as Class C, the least desirable rating for office spaces.
- The partners paid cash for the property, believing they could secure financing for improvements after demonstrating potential.
- TruMark Financial arranged $5.7 million in funding for renovations.
Renovation Highlights
The renovation included significant modifications to the building’s infrastructure:
- Interior walls were demolished and replaced.
- New heating and air conditioning systems were installed.
- Sprinklers and triple-glazed windows were added for improved safety and energy efficiency.
Architect Martin Kimmel proposed larger windows to enhance natural light, significantly improving the building’s ambiance. Other amenities include
- A barbecue pit
- Outdoor dog walk
- A pet-washing room
- A basement fitness center
- Conference room and recreational areas
Market Positioning
The Flats On 100 are designed to offer a balance of comfort and convenience. Each unit comes fully furnished, featuring appliances, dishes, linens, and optional daily cleaning services. By qualifying as a hotel, the project can more easily obtain a liquor license. Interest has already been noted from nearby employers such as Vanguard Group and QVC.
Location Benefits
The property is conveniently situated near various retail options, including the Fairfield shopping center, and is just two miles from the Exton SEPTA Regional Rail station. This location makes it an attractive option for short-term visitors to the area.
The developers are optimistic about their innovative approach to reuse underutilized commercial properties, aiming to create appealing living spaces in the suburbs. The Flats On 100 exemplifies the potential for sustainable development in areas previously dominated by office buildings.
