The New York Times takes a look at Conshohocken, a steel town turned office hub -- and millennial magnet.
The recent increase in development plans reflects the geographical advantages of Conshohocken, which is near the intersection of Interstates 76 and 476, its accessibility to central Philadelphia by commuter rail and the availability of its land, in contrast to some nearby western suburbs where land for development is scarce.
With its location at the intersection of interstates, Conshohocken could become the region’s new “Main and Main,” said Jeffrey E. Mack, executive managing director at Newmark Grubb Knight Frank, an international real estate firm that provides brokerage and other services.
He argued that the town was poised to take the title from an area at Route 1 and City Line Avenues on Philadelphia’s western outskirts, which has been heavily built. That location, in Lower Merion Township, “ran out of land,” he said.
The prospect of a big addition in local office space also reflects a desire by companies to attract educated employees in their mid-20s to mid-30s who are expected to seek jobs in industries such as technology, finance or health care but who do not want a traditional suburban lifestyle.
“Those folks want to live in new urban-type environments where the amenities and the urban setting and the transit orientation are also important,” said Steve Spaeder, senior vice president for development at Equus Capital Partners, developer of the 400 West Elm project. “Conshohocken has all of those elements.”
Original source: The New York Times
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