NORRISTOWN — Norristown officials have seen a glimpse of the future in mixed use development on Main Street.
The property is currently in a conceptual phase, however, developers hope to include 140 residential “market rate” units atop 6,100 square feet of commercial space, according to municipal officials.
Representatives of the roughly $31 million project addressed members of the Norristown Municipal Council during a recent meeting to get preliminary feedback on their idea currently zoned in the town center district.
“Our basic view on Norristown is everyone knows the rents went up,” said property owner James Anderson, adding that “we have a real housing and cost issue.”
The property stretches from Main to Lafayette streets and used to operate as a Rite Aid, according to municipal officials.
Developers are aiming to attract “upwardly mobile single professionals” to live in a mixture of “borrowed light,” one-bedroom and two-bedroom apartments, according to Anderson, with rents expected at a “blended $1,900 per month.”
Offering less expensive housing, Anderson said that “the trade off is we need more density,” by producing “smaller units.”
https://www.timesherald.com/2023/10/...e-development/