King of Prussia plans to add over 200 apartments in new development project.
In a significant real estate development proposal, Greystar, a Charleston-based residential real estate firm, has submitted plans to demolish an existing office building in King of Prussia to make way for a new residential complex. The current structure, located at 720 Vandenburg Road, is anticipated to be replaced by a six-story building featuring 205 modern apartment units.
Documents filed by Greystar with the Montgomery County Planning Commission indicate that the existing building is no longer suitable for contemporary market demands. The site is presently occupied by Arcfield, a government contractor that is in the process of relocating its offices. Arcfield has plans to transfer operations to a renovated business park situated at 1400 Morris Drive in Chesterbrook, although the specific timeline for this move remains uncertain.
In its application, Greystar highlighted the importance of redevelopment in light of the growing demand for residential properties in the area. If the proposal receives approval, the nearly seven-acre site will transform into a vibrant residential community featuring an outdoor pool and clubhouse, complemented by a parking facility capable of accommodating 300 vehicles. This proposed development represents Greystar’s third project in King of Prussia, following prior developments at Indigo 301 and Skye 750.
The project location is strategically situated near other residential complexes, including the Park Square development, which opened its doors in 2018. This area has experienced a marked shift towards rental living, with recent census data indicating that renters comprised approximately 52% of King of Prussia’s housing market in 2023, a substantial increase from 41% five years ago. This trend underscores a broader demographic shift within the township of Upper Merion, where over 4,000 rental units have been constructed in the last eight years.
This initiative appears to be aligned with national trends in housing preferences, as many residents are increasingly opting for rental properties due to rising homeownership costs and evolving lifestyle choices. Greystar is seizing on this growing demand by expanding its footprint in the Philadelphia region, with several active projects in various stages of development.
In conclusion, the future of the Vandenburg Road site could significantly impact the local housing market, reflecting shifting trends in residential preferences and the ongoing transformation of King of Prussia into a desirable location for renters. The potential redevelopment stands as a testament to Greystar’s commitment to responding to market demands while enhancing community infrastructure. The Montgomery County Planning Commission appears to generally support this proposal, indicating a favorable outlook for the project moving forward.
