A long-vacant, 25.5-acre plot of land in Concord Township approved for 165,000 square feet of retail space is trading hands, and the new owners plan to move ahead with developing the site. New Jersey-based Retail Sites is under agreement to acquire the parcel at the corner of Route 202 and Ridge Road near the borders of Glen Mills and Chadds Ford. Retail Sites is acquiring the parcel from Delaware-based real estate developer Pettinaro Co. Retail Sites plans to spend a total of between $50 million to $70 million to build out what will be called the Shoppes at Concord, according to president Robert Hill. Retail Sites will try to develop the site as closely to the approved parameters as possible, noting there will be some alterations based on the tenants. Retail Sites will also conduct "a large amount of improvements" to the roads bordering the shopping center to ease access in and out. That could cost about $4 million, Hill said. Improvements will include widening Ridge Road, which is now two lanes, and adding three turning lanes going north. Another left turn lane will also be added to Route 202 going east. The widening of the roads was a subject of pushback from residents in 2017, when another iteration of the shopping center was proposed. The newspaper reported that Pettinaro originally received land development approval in October 2008 for the site.
Source: Philadelphia Business Journal; 9/25/2024