Madison Parking Lot Sold to BPG Properties
The Lansdale Parking Authority Wednesday night approved the agreement of sale, paving the way for a parking garage, townhomes, condos and retail space to be built on the site
The two-acre parking lot behind the stores on West Main Street between Wood Street and Madison Avenue now belongs to BPG Properties, Ltd.
On Wednesday night, the Lansdale Parking Authority approved an agreement of sale to the Yardley-based developer, according to an article in The Reporter Online.
BPG was chosen after Requests for Proposals netted six respondents. The parking authority ranked and rated those respondents, and cut the list down to two on October 12. On Nov. 9, interviews were made with the two respondents: BPG and Cedarwood Devleopment Inc.
It's merely coincidence that BPG Properties has developed other locations with "Madison" in its name.
It owns three residential communities in the North Penn area: Madison at Willowyck in Upper Gwynedd, Madison at Montgomery in Hatfield Township and Madison at Hunt Club in Montgomery Township.
From Madison at Willowyck and Madison at Hunt Club to Madison Parking Lot.
BPG Properties presented preliminary development plans at a public meeting in December.
Those conceptual plans included a six-story-tall building – taller than Century Plaza at Green and Main streets – with 30,000 square feet of retail space on the ground floor fronting Madison Avenue.
The remaining five floors above could be all condos. The concept shows about 200 condos.
Behind this building, along the tracks, will be a parking garage. The parking garage will be the spot where residents of these condos will park, as well as commuters and shoppers.
There will be about 430 spaces, in total, in the garage. Madison Parking Lot now has 215 spots.
Now, stand behind Molly Maguire’s, at the corner of Wood Street and Madison, and look toward the tracks.
Right across the street will be a piazza, with retail stores surrounding it. To the left of Wood Street, behind National Auto Stores, will be more residential condos.
Brace yourself – the area of Lansdale Beer Fest is proposed to be the site of 54 townhomes. A new one-way road – where the dirt road currently exists leading up to the Beer Fest – will be paved as a thoroughfare to these townhomes.
Here’s the plan proposed by BPG in December: Start the project in mid- to late-July 2012, with a construction timespan of 18 to 24 months.
“This project is near and dear to our hearts because it is in our backyard,” said George Haines, vice president of BPG Properties, in December. “We want a project we can be proud of and you can be proud of too.”
Lansdale Parking Authority Chairman Dan Dunigan said the development will generate tax revenue to the borough.
“There is a considerable value to each one of those spaces in a parking structure,” Dunigan said in December. “Conservatively estimated, a parking space in a parking structure runs roughly $15,000 to $25,000 a space to construct. We are not giving that property away. There is a considerable value coming back to the authority."
According to Montgomery County records, Madison Lot was developed in 1970. It consists of 2.87 acres and is assessed at $548,280.