Old Pennsauken Mart Site Gets New Lease – with Apartments
By: Melanie Burney, Philadelphia Inquirer
[NOV 14, 2018] PENNSAUKEN, NJ – A handful of tenants have moved into the first building constructed on the site, said Tom Juliano, President of Delco Development of Willingboro. The plan calls for 240 units in 11 buildings and will take several years to complete, he said.
‘We worked really hard,” Julaino said. “We’re excited.
Workers were scrambling Tuesday to ready the property for a grand opening Wednesday afternoon, arranging chairs next to fire pits outside and putting finishing touches in the clubhouse. Crews in hard hats were working on a nearby building under construction.
The 35-acre site was unused for years, covered with weeds, until the Burlington County developer acquired the property from Camden County for $6.2 million in 2016. Construction on the apartments began in June 2017 and plans initially called for possibly adding commercial ventures later, but those plans have been scrapped, mainly because of the retail market that already exists along Route 130, Juliano said.
Juliano said his firm, which specializes in distressed properties, recently reached a deal with Ryan Homes to build 189 townhouses on the property. Construction is expected to begin in 2019 and take several years. Both firms are receiving tax incentives, he said.