KING OF PRUSSIA, Pa., June 29 /PRNewswire/ -- O'Neill Properties Group is pleased to announce that Costco has completed the purchase of 14 acres at Gateway at Sanatoga in Limerick Township, PA. Costco will anchor the first phase of the 450,000 square foot retail development with an opening scheduled in the Spring of 2011.
The Gateway at Sanatoga, located at the Sanatoga Interchange at Route 422 in Limerick Township, PA serving as the main entrance and "gateway" to The Philadelphia Premium Outlets featuring 550,000 sf and 150 outlet stores. Gateway at Sanatoga will open Phase I in Spring 2011 with Costco and an additional 76,500 sf of retail, restaurants and banks.
The Gateway at Sanatoga is strategically located along the high growth Route 422 corridor in Central Montgomery County and enjoys a trade area of over 720,000 people averaging over $87,000 in Median HH Income.
Phase II, comprising approximately 190,000 sf is scheduled to open Fall 2011. Anchors, junior boxes, specialty retail, hotels and restaurants are being sought.
ABOUT O'NEILL PROPERTIES GROUP
O'Neill Properties is a leading national real estate investment and development company headquartered in King of Prussia, Pa., which is developing a portfolio it currently values at over $1 billion. The company focuses on development of mixed-use; retail; Class A office space and luxury multi-family residential housing in the Northeast through the recycling and renovation of surplus brownfield industrial and military real estate. The portfolio includes significant residential, mixed-use, retail and commercial land development projects, which include the development of over 10,000 residential units, and when completed will increase the portfolio's value to more than $4 billion. O'Neill Properties has completed development of over 13 million square feet of office space, 700 apartments, and currently has over 2 million square feet of mixed-use and residential developments under construction.
SOURCE O'Neill Properties Group