First Multifamily Community to be Built in Suburban Square
ARDMORE, PA (March 9, 2023) – Bozzuto and Kimco Realty® are pleased to announce the start of construction of Coulter Place, a 131-unit, mixed-use community in Main Line Philadelphia. The 1.7-acre site is an assemblage of six existing office buildings and their adjoining surface parking lots located within a 5-minute walk to the Ardmore SEPTA stop and 30-minute train ride to Center City Philadelphia. This transit-oriented development is the first for-rent project in Suburban Square, the shopping and social heart of Main Line Philadelphia.
Coulter Place will feature a four-story structure built atop a concrete podium with below and on grade parking to serve the 131 residential units, along with approximately 20,000 square feet of ground floor, street-activating retail. Amenities will include two elevated exterior courtyards with a swimming pool and approximately 7,000 square feet of interior amenity space.
“Bozzuto believes in the sanctuary of home and Coulter Place will be a haven where residents feel connected to the spirit, history and convenience of the area,” said Mike Henehan, President of Bozzuto Development Company. “Through collaboration with our partners at Kimco Realty and Lower Merion Township, we are creating a mixed-use community that integrates beautiful design that will complement the greater Suburban Square community.”
“Coulter Place is one of those rare opportunities to create an extraordinary live-work-play environment in one of the most desirable markets of greater-Philadelphia,” stated Geoff Glazer, Kimco’s SVP of National Development. “Working closely with our partners at Bozzuto, we will deliver a community that helps alleviate the demand for housing while taking full advantage of all Suburban Square has to offer.”
The groundbreaking of this project illustrates the strong commitment and partnership between Bozzuto and Kimco, and their joining of forces to address the elevated housing demand in this market. Coulter Place represents modern living while respecting the built environment and paying homage to the Art Deco architecture of Suburban Square. Thoughtful design and architectural elements root the community within the historical Main Line, framing new residential and retail for a prosperous future. The project will be designed to attain, at minimum, a LEED Silver certification.
Bozzuto is an experience-focused real estate company distinguished by their innovative developments, dedicated customer service, and top-rated workplace culture. With award-winning expertise in homebuilding, multifamily development, construction, and management, Bozzuto is devoted to delivering extraordinary experiences for those they serve.
Since their founding in 1988, Bozzuto has developed, acquired, and built more than 50,000 homes and apartments. Celebrating 35 years of creating sanctuary for their residents, Bozzuto currently manages 90,000 apartments and 3.5 million square feet of retail space across the U.S, with 7 million square feet currently under construction. www.bozzuto.com
About Kimco Realty®
Kimco Realty® (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers, and a growing portfolio of mixed-use assets. The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Kimco Realty is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years. As of December 31, 2022, the company owned interests in 532 U.S. shopping centers and mixed-use assets comprising 91 million square feet of gross leasable space. For further information, please visit www.kimcorealty.com.