Byrne Lofts
Location: Phoenixville, PA
Size: 130,000 sf
Project Type: Adaptive reuse of former mill for residential and office condominium
Ownership Structure: Wholly owned
Total Projected Investment: $11 million
Status: Under Construction
Iron Stone acquired the historically significant 130,000 sf Byrne Building in 2004. Although it was located in the heart of Phoenixville in an up-and-coming live/work/entertainment downtown, it was being underutilized as warehouse & industrial space. Iron Stone is currently developing 74 residential condominiums and two commercial condominiums. The residential units will include 48 one-bedrooms and 26 two-bedrooms.
Phoenixville is at the center of a cluster of headquarters for national pharmaceutical corporations in Northern Chester County, which has driven local job growth and the housing market. Main Street in Phoenixville has received state and local grants in excess of $5 million. These funds are being used for revitalization, beautification projects and redevelopment of infrastructure on the traditional main street. The Byrne is the first condominium in this market to offer urban loft-style living, with exposed beams, oversized windows, and modern finishes. Sales have been steady during presales and early construction, and delivery of the first units is scheduled for the fall of 2007.
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